FloodFlash, the parametric flood insurance provider with sensor technology, has expanded its coverage to all mainland US locations.
The company is known for offering flood insurance that exceeds the National Flood Insurance Programme (NFIP) in areas where private markets cannot provide quotes, especially in sectors like real estate, sports and entertainment, manufacturing, energy, and healthcare.
FloodFlash US Commercial Director, Rich Coyle, commented: “This significant increase in expected activity is a cause for great concern.”
“The combination of hard market pressures and a relatively benign 2023 hurricane season, has seen many coastal clients retaining record-high levels of storm and surge risk.Carrying forward those retention levels will leave many insureds watching on nervously as we move through hurricane season.”
Coyle continued: “For the businesses that don’t have the limits they need, the best time to develop physical and financial resilience to hurricanes is right now. We’re proud to have expanded our product out to more American businesses and will do our best to support those that the market has left behind.”
Earlier this year, the insurtech expanded to 10 more states, in addition to its initial launch in Florida, Texas, California, Virginia, and Louisiana.
Thanks to a partnership with Munich Re Specialty – Global Markets, and driven by broker demand, quotes are now available throughout the mainland US States such as North Carolina and Georgia, along with others, now have the same access to FloodFlash as those on the East and Gulf coasts.
This announcement coincides with the introduction of new programs from the insurer, including those for Dealer Lot businesses and Golf and Country Club clients, as well as parametric insurance solutions for Business Interruption.
FloodFlash CEO, Adam Rimmer, added: “My message to risk managers is simple: ‘there is still time’. If your clients don’t have the flood limits they need after Q2 renewals, coverage is still available. Alternative providers like FloodFlash have a strong track record of excellent claims performance that guarantees business survival. Our expert team and IoT sensors are on hand to help.”
These new offerings aim to assist US brokers and their clients as they prepare for a hurricane season predicted to be much more active than recent years.
Munich Re experts forecast an above-average hurricane season in 2024, with leading research institutions predicting around 23 named cyclones in the tropical North Atlantic, 11 of which are expected to become hurricanes, and five to become severe hurricanes with wind speeds over 110 mph (177 km/h).
These forecasts nearly double the long-term average from 1950 to 2023, which had 12 named storms per year, with 6.4 becoming hurricanes, and 2.8 becoming severe hurricanes. After a relatively quiet period, 2024 might experience the same number of hurricanes as 2022 and 2023 combined.
Dominick Hoare, Group Chief Underwriting Officer for Munich Re Specialty – Global Markets, noted: “The increasing severity and unpredictability of extreme weather events poses challenges across society, one of which is flooding. This can be particularly destructive for small to medium sized businesses. We’re pleased to have played a role in enabling FloodFlash to increase their coverage to clients across the US mainland.”
