Insurtech FloodFlash breaks into US to fill huge gap in the market

London-based parametric flood insurtech  FloodFlash has officially entered the US insurance market that is  reeling from the impacts of a devastating hurricane season, prompting several big players to exit leaving a large coverage gap in the market.

The parametric insurance firm, the first insurance provider that claims to pay catastrophic flood claims as fast as four hours, is ready to bring its impact across the pond to close the flood protection gap in the US.

According to FloodFlash, despite the prevalence of flood risk in America, fewer than 5% of small to mid-size businesses carry flood insurance. And after a devastating hurricane season in the US in the wake of Ian and Nicole, traditional insurers are hesitant to reinsure, leaving businesses without many options and contributing to the $58 billion global flood insurance gap, with the US as the largest contributor.

FloodFlash said it is aiming to augment the flood insurance market in the US by using its parametric technology to make flood insurance available to businesses that can't get coverage anywhere else. FloodFlash's coverage combines IoT sensor technology, computer models, and cloud software. Its proprietary parametric technology provides flood insurance for businesses of all sizes.

Mark Hara, CEO of North America, FloodFlash, said: "I'm excited to bring this simple, tech-enabled flood insurance to the businesses that need it most. FloodFlash can provide excess coverage, fill deductibles or cover what other policies do not - providing a coverage option for those with nowhere else to go. It's a delight to be working with forward-thinking brokers who are dedicated to solving client problems. Together we will help address the flood coverage gap that impacts every single state."

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