UK-based flood insurer to launch in US skdknews

UK-based flood insurer to launch in US skdknews

UK-based flood insurer to launch in US skdknews

FloodFlash, a parametric flood insurance company, has announced that it has entered the US insurance market.  The UK-based company said it was the first insurer to pay claims for devastating floods within four hours.

   Floodflash reported that in the wake of the devastating hurricane season in the United States, policyholders have had to wait weeks or even months for their claims to be paid.  Additionally, many traditional insurers are hesitant to renew coverage following the devastation of Hurricanes Ian and Nicole, which contributed to the nation's $58 billion flood insurance gap — the largest in the world.

   "FloodFlash's mission is to improve the flood insurance market in the United States by using its parametric technology to make flood insurance available to businesses that cannot obtain coverage elsewhere," the company said.

   FloodFlash reported that despite the high flood risk in the US, less than 5% of small to medium-sized businesses have flood insurance.

US launch

Mark Hara, North America CEO for FloodFlash, will initially launch coverage in five markets - Florida, Virginia, Texas, Louisiana and California.  Hara has previously held positions with Bold Penguin and Milo.

   "I'm excited to bring this simple, technology-enabled flood insurance to the businesses that need it most," said Hara.  "FloodFlash can provide additional coverage, fill or cover deductibles that other policies don't - providing a coverage option for those who can't go anywhere else. It's a pleasure to work with forward-thinking brokers and companies dedicated to solving client problems. Together we help  Will. Close the flood coverage gap that affects every state."

   Parametric flood coverage

   FloodFlash launched in 2019 and provides parametric flood insurance for businesses of all sizes.  Customers choose the depth and payment amount for their policy, and when the flood reaches the chosen depth, the insurance pays out – usually within 48 hours.  In November, the company paid the claim in just four hours.

   Last year, FloodFlash raised $15 million in Series A funding.

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