Company ready to advance the WE flood insurance market with parametric technology that can rapidly rejuvenate businesses and livelihoods within days of floods
NEW YORK, January 17, 2023 /PRNewswire/ — Parametric flood insurance company FloodFlash, the first insurance company to pay catastrophic flood claims in just four hours, today announced it has entered the WE insurance market. After a devastating hurricane season in the WE, policyholders have had to wait weeks, if not months, for claims to be received so they can rebuild their businesses and revive local economies. In addition, following hurricanes Ian and Nicholastraditional insurers are reluctant to reinsure, leaving businesses without many options and contributing to the $58 billion global flood insurance gap, with WE as the biggest contributor. FloodFlash aims to increase the flood insurance market in the WE using its parametric technology to make flood insurance available to businesses that cannot get coverage anywhere else.
The first parametric flood insurance available in the mass market, FloodFlash’s unique coverage combines IoT sensor technology, computer models and cloud software to provide flood coverage to those the insurance industry has left behind. for account. Despite the prevalence of flood risk in America, less than 5% of small and medium businesses carry flood insurance.
CEO of North America Mark Haraa marketing and insurance expert who previously ran Bold Penguin and Lockton-powered Mylo, runs the WE five-state go-to-market strategy to start – Florida, Virginia, Texas, Louisianaand California. He has developed a world-class team and distribution partnerships with brokers across the country.
Since its launch in 2019, FloodFlash has established a record in the fight against extreme weather losses. Their proprietary parametric technology provides flood insurance to businesses of all sizes, making it easier and faster to claim and rebuild. Besides wider availability, a key advantage of FloodFlash coverage is its simplicity. Customers choose a depth and reimbursement amount for their policy, and when the flood reaches the selected depth, the insurance pays out, usually within 48 hours. At November 22, 2022FloodFlash paid one customer in full in less than four hours, breaking its own refund record.
In a context of increased frequency of extreme weather events due to climate change, urbanization and a resource-strapped insurance market, new technologies and products are needed more than ever to reinvigorate the market. flood insurance. FloodFlash has already had a huge impact on the underinsured market for UKand after a $15 million Series A increase in the spring, the company is ready to bring its impact across the pond to close the flood protection gap in the WE
“I’m excited to bring this simple, technology-enabled flood insurance to businesses that need it most. FloodFlash can provide excess coverage, fill deductibles, or cover what other policies don’t – providing an option to cover for those who have nowhere to go,” said Mark HaraCEO of North America. “It’s a pleasure to work with forward-thinking brokers who are dedicated to solving customer problems. Together, we’ll help close the flood coverage gap that plagues every state.”
Brokers and business owners of all sizes who want to partner up or learn more can email [email protected].
About FloodFlash
80% of catastrophic flood losses worldwide are uninsured. It is $58 billion of uncovered damage, and it is growing every year due to climate change, population growth and urbanization. FloodFlash is an insurance technology company that combines computational models, cloud software and Internet of Things sensors into flood coverage that protects those the insurance industry has left behind. FloodFlash is headquartered in Londonis a registered coverholder at Lloyd’s of London and is authorized and regulated by the Financial Conduct Authority.
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