FloodFlash expands parametric insurance offering in US

Insurtech FloodFlash has expanded its sensor-enabled parametric flood insurance offering in the US to an additional ten states in the US.

FloodFlash will now offer its parametric product in Delaware, Iowa, Missouri, New Jersey, New York, Oregon, South Carolina, Washington, Vermont and Massachusetts. They join Florida, Texas, California, Virginia and Louisiana.

FloodFlash is available across the states, however minimum premiums do apply for risks outside of the states above. Due to demand, FloodFlash said it has reduced that minimum premium to $25,000, with the intention to make their sensor-based parametric approach available to more businesses and public entities.

FloodFlash CEO Adam Rimmer (pictured right) said: “America plays host to the largest flood protection gap in the world. Population growth, urbanisation and climate change are all making it harder for traditional insurance to underwrite catastrophic flood risks. That’s where FloodFlash comes in.

“We’ve identified that sensor-based parametric insurance is the best way to provide affordable flood insurance in locations and sectors where many providers are reducing their flood offering. This expansion renews our mission to help more American businesses and communities recover from catastrophic flooding using parametric insurance. I’d like to extend a thanks to our capacity and broker partners for supporting those efforts.”

FloodFlash US commercial director Rich Coyle (pictured left), added: “We look forward to helping more businesses protect themselves from flood damage related to severe convective storms and snow melt as well as helping gulf and east coast risks prepare for the upcoming hurricane season. We’re also committed to visiting all corners of the country in the next few months to connect with brokers across the industry to better understand their difficulties securing flood coverage for their clients.”

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