Parametric flood insurer FloodFlash has announced that it has entered into the US insurance market.
After a devastating hurricane season in the US, policyholders have been waiting weeks, and in some cases, months, to receive claims to be able to rebuild their businesses and revive local economies.
Moreover, in the wake of Hurricane Ian, which is estimated to have cost insurers almost $12.6 billion, and Hurricane Nicole, traditional insurers are hesitant to reinsure, which is leaving businesses without many options and contributing to the $58 billion global flood insurance gap, with the US as the largest contributor.
However, FloodFlash is aiming to augment the flood insurance market within the US by using its parametric technology to make flood insurance available to businesses that are not able to get coverage from anywhere else.
Being the first parametric flood insurance available to the mass market, FloodFlash’s coverage combines IoT sensor technology, computer models, and cloud software to provide flood coverage to its clients.
In a press release, it notes that CEO of North America Mark Hara, a marketing and insurance industry expert who previously led at Bold Penguin and Mylo powered by Lockton, is executing the US go-to-market strategy across five states to start – Florida, Virginia, Texas, Louisiana, and California.
“I’m excited to bring this simple, tech-enabled flood insurance to the businesses that need it most. FloodFlash can provide excess coverage, fill deductibles or cover what other policies do not – providing a coverage option for those with nowhere else to go,” said Hara.
“It’s a delight to be working with forward-thinking brokers who are dedicated to solving client problems. Together we will help address the flood coverage gap that impacts every single state.”
