Munich Re is to provide capacity for the principal business of parametric flood insurtech FloodFlash, which aims to provide rapid-payout flood cover for SMEs and landlords.
This is not the first time these two companies have crossed paths; the global reinsurer provided capacity for FloodFlash’s consultancy service in 2020.
FloodFlash+ saw policies underwritten by a panel of insurers and reinsurers in an effort to allow clients the ability 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.
This new partnership will look to bolster FloodFlash’s platform while enabling the fulfillment of international expansion ambitions to countries including the US, Germany and Australia.
“We couldn’t be happier in growing our relationship with Munich Re,” said FloodFlash Chief Executive Officer Adam Rimmer.
“They have a proven track record for supporting innovative products. Their pedigree in the parametric insurance space makes us even better suited.”
“This partnership will ensure we can move faster and provide more flexible covers to our customers and provide a springboard for international expansion. We will set the standard for how underwriters and insurtechs can work together to address industry issues, starting with the $58bn yearly global flood underinsurance problem.”
Stuart Newcombe, Active Underwriter of the Munich Re Innovation Syndicate, added, We are really excited to increase the scope of our partnership with FloodFlash. I look forward to working together on parametric flood insurance, filling a very significant insurance gap.”