The FloodFlash annual magazine: the flood problem in Britain
Authored by Floodflash
Introducing the 2023 FloodFlash magazine! This year, the magazine is all about our smart sensor and the flood problem it solves. 80% of the world’s flood losses aren’t insured, and the problem is getting worse. With the help of our smart sensor, FloodFlash can provide cover to those at risk from flooding. In the first blog from the magazine, we cover the flood risk in Britain, attitudes towards flood insurance, and take a look at the 2022 floods in focus.
The flood risk in Britain
For our 2022 risk report (see here for the whole report), we collated industry leading data from Ordnance Survey, JBA, and the Environment Agency to understand the threat that flooding poses to UK businesses. We also surveyed 500 financial decision makers either at risk of flooding or worried about the risk of flooding, and 200 insurance brokers to find out what they think about the flood insurance landscape.
How many commercial properties are at risk from flooding?
In Britain, there are around 1.6 million commercial properties. Over a quarter of these have at least a low flood risk. Low risk means a property in a 1,000-year zone. Over an example 20-year occupancy the chance of the property experiencing a flood in one of those years in 1 in 50.
To read the full article from Floodflash, CLICK HERE
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.