Parametric insurtech firm FloodFlash has issued pay-outs to policyholders affected by flooding from Storm Christoph, in many cases on the same day as the flooding occurred.
The fastest claims took just 9 hours and 44 minutes from the property flooding to the client receiving the full settlement in their account, which FloodFlash says is a new catastrophe claims record.
Storm Christoph is the third named storm of the year and has brought widespread rain, snow and flooding across the UK.
Analyts at PwC estimate that insurance industry losses due to the flooding could range between £80 million and £120 million.
FloodFlash IoT sensors began to detect floods on Wednesday 20th, triggering claims on parametric policies across the country, which are based on a pre-agreed depth of flooding.
According to the insurtech, it also set the previous record for fastest property flood claim following Storm Ciara in February 2020, at 26 hours and 15 minutes.
“During a time of great financial stress for businesses everywhere thanks to COVID, getting cash to clients quickly has never been more important,” said FloodFlash Co-founder Adam Rimmer.
“FloodFlash is setting the standard for fast, transparent claim payments. We reduce the time it takes to pay a catastrophe claim from months down to hours. In doing so we reduce client uncertainty, claim values and insurer costs. This is the future of insurance”.