Reinsurance News

Insurtech FloodFlash launches expanded parametric product

22nd September 2020 - Author: Charlie Wood

Insurtech FloodFlash has launched the newest iteration of its commercial parametric flood insurance, FloodFlash+.

FloodFlashFloodFlash+ sees policies underwritten by a panel of insurers and reinsurers and allows clients to select multiple sensors for a single site, cover multiple properties in a portfolio under a single policy, or include third party data from river gauges.

The launch follows the July announcement that FloodFlash have partnered with property damage and prevention specialists Polygon.

The partnership gives FloodFlash customers access to a full-service solution from pre-loss mitigation and value of risk assessment.

“Since launching last year brokers and clients have often requested larger limits and more complex quote options,” said FloodFlash co-founder Ian Bartholomew.

“FloodFlash+ is the result of us listening to those requests. It reflects the hard work from our team and underwriting partners to expand the product to another underserved sector.

“Floods in February and the summer provided a stark reminder of how important access to commercial flood cover is.

“For British businesses that don’t have access to Flood Re the threat of double-losses after COVID-19 business interruption is only too real. By broadening our services, we will protect more businesses that can’t get flood cover anywhere else.”

 

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