Hiscox joins Munich Re to boost capacity in US flood market
Parametric flood insurance insurtech FloodFlash has secured a fresh capacity deal with specialist global re/insurer Hiscox to accelerate its growth in the US market. Hiscox joins Munich Re, adding its flood product launch experience in the US to complement Munich Re’s parametric expertise.
Hiscox is an active participant in the US flood insurance market, and as a capacity provider for FloodFlash will support the market appetite for parametric as an efficient option for catastrophe covers. Despite the prevalence of flood risk in America, it has the largest flood protection gap in the world.
FloodFlash is now available across all US states. In the UK where the business initially launched, FloodFlash claims to have set new records for the fastest property flood claim payout, utilising its proprietary IoT sensor technology.
Richard Coyle (pictured), head of major accounts and capacity management, FloodFlash, said: "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."
Tom King, Hiscox London Market's alternative risk underwriter, said: "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."
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
