With Storm Bert affecting counties across England and Wales, parametric flood insurance provider FloodFlash has revealed that it made a payout to a client in just over 10 hours after a trigger was activated.
According to Ian Bartholomew, Chief Underwriting Officer at FloodFlash, the firm’s sensors first measured flooding on Sunday 24th and have since measured flood events from Cardiff to Northamptonshire. Several industries were reportedly hit by the storm, ranging from construction companies and car dealerships to sports clubs and care homes.
Bartholomew noted that FloodFlash has since been busy paying claims, with its fastest being paid just over 10 hours after trigger depth was met.
“For this client, water reached the trigger depth at 4.30 am on Monday morning, and the full payout was in their account at 2.30 pm that day,” Bartholomew explained.
He added that fast payouts are key in limiting business interruption, reducing long-term damage, protecting cash flow, and minimising stress for FloodFlash’s clients.
Bartholomew concluded, “The storm is yet more evidence that the FloodFlash sensor technology is the best way to enable these super-fast claims payments, giving our customers certainty to get back up and running as soon as possible.”
In related news, back in June, FloodFlash expanded its coverage to all mainland US locations. At the time, FloodFlash US Commercial Director, Rich Coyle, commented, “This significant increase in expected activity is a cause for great concern.”
“The combination of hard market pressures and a relatively benign 2023 hurricane season, has seen many coastal clients retaining record-high levels of storm and surge risk. Carrying forward those retention levels will leave many insureds watching on nervously as we move through hurricane season.
“For the businesses that don’t have the limits they need, the best time to develop physical and financial resilience to hurricanes is right now. We’re proud to have expanded our product out to more American businesses and will do our best to support those that the market has left behind.”
