FloodFlash announce partnership with Hiscox
FloodFlash , a startup offering sensor-based parametric flood insurance, has announced a partnership with Hiscox. Together with Munich Re, they aim to fill the significant flood protection gap in America by offering efficient, parametric catastrophe covers.
FloodFlash’s insurance is now available in every U.S. state, aiming to address the country’s considerable flood risk and lack of adequate coverage. The company initially launched in the UK, where it set records for the fastest property flood claim payouts, thanks to its Internet of Things (IoT) sensor technology. For example, in November 2022, they paid a client in full less than four hours after flooding occurred, providing an essential lifeline to businesses that often lack affordable, comprehensive coverage options.
“We’re delighted to bolster our US capacity with a carrier that has such expertise in the US flood market. This new partnership with Hiscox represents another key endorsement of the FloodFlash approach and, in addition to Munich Re, we have the ideal carrier team supporting us as a parametric flood insurance provider. In response to extraordinary demand since our launch in January, this additional fresh capacity will enable us to continue providing compelling coverage options for distressed businesses that may otherwise be faced with retaining uncomfortable levels of flood risk.” – FloodFlash Head of Major Accounts and Capacity Management Richard Coyle.
“FloodFlash has taken an innovative approach to the challenge of flood underinsurance in the US, and we are excited to expand our significant existing US flood footprint through their unique parametric product. The combination of innovation and expertise that this partnership represents is one that we believe can go some way to addressing the flood coverage gap that currently exists in the US.” – Hiscox London Market’s Alternative Risk Underwriter, Tom King.