Reinsurance News

Gallagher partners with FloodFlash on parametric policy

3rd February 2020 - Author: Matt Sheehan

Re/insurance broker Gallagher has announced a new partnership with insurtech start-up FloodFlash, which will enable it to provide a parametric flood insurance policy to its UK clients.

Flood insurance and reinsurance imageThe parametric policy means claims will be settled based on a pre-defined trigger point, rather than through the traditional assessment of the cost of damages.

In the event of a flood, a pre-agreed settlement figure will be paid when the water depths exceed a chosen threshold.

Founded by Ian Bartholomew and Adam Rimmer, FloodFlash has already issued millions of pounds worth of cover for commercial property across the UK.

“Thousands of organisations across the UK are open to devastating costs from floods,” said Rimmer. “We’re proud to partner with Gallagher and bring rapid-payout insurance to businesses and landlords across the UK. “

He continued: “The adoption of new insurtech products like FloodFlash shows Gallagher’s commitment to bringing innovative cover options to its customers. With this partnership we are better placed to provide cover to the people that need it most.”

James Murray, Branch Director, Leeds at Gallagher, also commented: “With the increasingly unpredictable weather, many UK businesses are likely to find themselves increasingly exposed to the risk of flooding.  The good news is that there are solutions to help, even for difficult to insure businesses.”

“Through our partnership with FloodFlash, we can offer our clients an innovative, technology-led solution, helping organisations obtain flood insurance in high risk areas.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Aon hires Emma Carpenter as global super yacht leader

Re/insurance brokerage Aon has announced the appointment of Emma Carpenter as global super yacht leader. Taking up her position in...