FloodFlash in April: our latest tips, news, and updates
Authored by FloodFlash
That’s it, April is done. From new insurance programs to spotlights and interviews, it’s been a busy month! We share the latest updates from FloodFlash HQ as well as recent flood and parametric news.
Two new insurance programs
Also shared this month, two new insurance programs: one for golf and country clubs and the other for business interruption coverage.
First, for business interruption coverage. 80% of catastrophe flood losses aren’t covered by insurance. A massive portion of that is business interruption which is unavailable from the NFIP and other insurance providers.
Second, for golf and country clubs. We celebrated Masters week by launching our new program designed specifically to support that great insurance pursuit – golf.
A primer on hurricane season
Having almost seen out a quiet spring snowmelt period (good news given the disruption in recent years) we now look forward to the threat posed by tropical storms and Hurricane season this summer. Unfortunately it’s set to be a rough one.
A combination of warmer-than-ever sea surface temperatures and La Niña weather pattern coming in are set to make this hurricane season tougher than many previous years.
The spotlight on our smart sensor
Our smart sensor is the key to our affordable premiums and rapid claims. But how did we decide on this piece of technology? When we set out to protect more businesses using parametric insurance, we could have used existing technology for our trigger measurement. Instead we built our sensor from scratch. It’s the first device used specifically for the measurement of parametric flood triggers. Learn more about why it’s such a game-changer here.
Where your client chooses to place the sensor can have a big impact. We shared our rules around sensor placement, but also guidance on what to think about when choosing where to place it. US broker or client?
An interview with Ciana Kenny
We spoke to our Senior UK Distribution Manager Ciana Kenny about life before FloodFlash, her favourite part of her role, and the upcoming BIBA conference. You can read the full interview here.
In the news:
April was full of parametric news and the latest flood research. Take a look at some of the highlights below:
- Over 80% of respondents in a recent Reinsurance News poll said they anticipate the use of parametric triggers in reinsurance arrangements to rise in 2024.
- FloodFlash Commercial Director Rich Coyle featured in Carrier Management discussing the perils of snowmelt flooding.
- Research suggests between 100,000 and 300,000 more properties will be at risk in US coastal cities by 2050.
- Storm Kathleen hit parts of the UK and Ireland earlier in the month, with West Sussex particularly hit by flooding from the 11th named storm of the season
- Parametric risk transfer, insurance and reinsurance solutions are seeing ‘significant market expansion’, particularly in flood risks, says Miller
- Perils has posted its third industry-loss estimate for Storms Aline and Babet, increasing the total to $737m across Europe; while many residents and businesses are still feeling the impact 6 months on
About FloodFlash
FloodFlash is a new type of rapid-payout flood insurance. It uses the latest data modelling and connected tech to bring parametric insurance to the mass market for the first time. The result is fast, easy and flexible cover that pays claims within days of a flood.
FloodFlash is parametric or `event-based` insurance. When buying the cover, the client chooses the depth of flooding they wish to insure against and how much they’d receive when that flood happens. When the FloodFlash sensor installed at the property detects flood water at the selected depth, the claim is paid in full. No waiting. No haggling.
FloodFlash rapid-payouts were put to the test in February 2020 when Storm Ciara swept across the UK. Claims related to the storm were paid in full within a single day. That speed of claims payment remains the fastest and best proof of mass-market parametric insurance to date gaining acclaim at industry awards and recognition from The Times, The Telegraph and the BBC.
FloodFlash operates across Britain, is headquartered in London. Floodflash is a registered coverholder at Lloyd`s of London and is authorised and regulated by the Financial Conduct Authority.