Reinsurance News
FloodFlash
NormanMax to acquire FloodFlash
26th February 2025
FloodFlash, the parametric flood insurance provider with sensor technology, has agreed on terms to be acquired by NormanMax Insurance Holdings, a specialist parametric underwriter, subject to FCA approval. Following the transaction, FloodFlash will continue to operate as an MGA and Lloyd’s coverholder. The FloodFlash product will continue to be available to distributors ... Read the full article
Storm Bert triggers rapid parametric payout from FloodFlash
2nd December 2024
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 ... Read the full article
FloodFlash’s parametric coverage ensures rapid payouts to UK clients after floods
27th September 2024
FloodFlash’s UK clients with parametric coverage have been promptly notified that their claims are in progress following recent rainfall-related floods, ensuring a seamless claims process. Clients benefit from FloodFlash’s accurate flood readings during events and the rapid processing of claims once coverage is triggered. In a recent LinkedIn post, Ian Bartholomew, Co-founder ... Read the full article
FloodFlash expands coverage to all mainland US locations
24th June 2024
FloodFlash, the parametric flood insurance provider with sensor technology, has expanded its coverage to all mainland US locations. The company is known for offering flood insurance that exceeds the National Flood Insurance Programme (NFIP) in areas where private markets cannot provide quotes, especially in sectors like real estate, sports and entertainment, ... Read the full article
FloodFlash launches Dealer program to support those denied flood coverage
14th May 2024
FloodFlash, a parametric flood insurer, has added a Dealer program, which is designed to support vehicle sales and rental businesses that have been denied flood coverage, as it looks to support more US businesses ahead of the 2024 Atlantic hurricane season. One of the key product features is that the program ... Read the full article
FloodFlash launches advanced BI coverage pre-hurricane season
15th April 2024
FloodFlash, a parametric flood insurer, is introducing Flood BI, a new product designed to support business interruption (BI) coverage in the United States. Key features of Flood BI include unrestricted spending of claim payments, rapid payment within weeks of flooding, expert support throughout the process, limits of up to $5 million ... Read the full article
FloodFlash expands parametric product to a further 10 US states
16th January 2024
FloodFlash has expanded its offering, with Delaware, Iowa, Missouri, New Jersey, New York, Oregon, South Carolina, Washington, Vermont and Massachusetts now having unrestricted access to its parametric product. FloodFlash explained that minimum premiums apply for risks outside of the states. The firm added that due to demand, it has reduced that minimum ... Read the full article
FloodFlash working to ensure claims from UK flooding will be settled within the next week: CUO
5th January 2024
As parts of the UK continue to be impacted by severe flooding, Ian Bartholomew, Chief Underwriting Officer at flood insurance company FloodFlash, has confirmed that the company is working hard to ensure that most, if not all of its claims will be paid within the next week. After a powerful storm ... Read the full article
FloodFlash partners with Hiscox to accelerate US growth ambitions
7th August 2023
Parametric flood insurance company FloodFlash has announced a new partnership with Hiscox to drive its US growth ambitions. "Hiscox is already an active participant in the US flood insurance market, and as a capacity provider for FloodFlash will support the market appetite for parametric as an efficient option for catastrophe covers," ... Read the full article
Significant flood protection gap needs “urgent attention”: FloodFlash’s Bartholomew
4th July 2023
With the world dealing with the ongoing effects of global warming and urbanization, this has led to natural catastrophes such as floods to become increasingly more common. However, despite this, studies suggest that only 20% of the world’s $70 billion annual flood losses are insured, which FloodFlash’s Chief Underwriting Officer ... Read the full article
Munich Re Syndicate extends partnership with FloodFlash
2nd March 2023
Munich Re Syndicate has announced a new capacity agreement with FloodFlash. This agreement further extends an existing carrier partnership between the two firms that began with FloodFlash’s UK book of business in 2020. The announcement of this agreement comes during a period where natural catastrophe re/insurance capacity is particularly distressed, nowhere more ... Read the full article
Parametric flood insurer, FloodFlash launches in the US
17th January 2023
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 ... Read the full article
Yokahu, FloodFlash & Vitesse collaborate on new parametric product
2nd December 2022
Climate risk insurance platform Yokahu, flood parametric insurtech FloodFlash, and global fintech Vitesse have collaborated on a parametric product to accelerate payments from insurers to policyholders to prevent small and medium-sized businesses from failing after extreme weather events. Leveraging its global digital banking distribution, Vitesse has developed a platform that allows ... Read the full article
Insurtech FloodFlash expands into US, led by Mark Hara
14th November 2022
Parametric flood insurance company FloodFlash has announced plans to expand into the US market, led by Mark Hara as Chief Executive Officer (CEO) for its North America operations. As CEO of North America, Hara will be charged with developing and executing the US go-to-market strategy, initially launching for commercial property in ... Read the full article
Munich Re backs $15m funding round for FloodFlash
10th February 2022
Parametric insurtech firm FloodFlash has secured $15 million in a Series A round of funding that was led by Chicago-based Buoyant Ventures with Munich Re Ventures also featuring as an investor. Sony Financial Ventures/Global Brain, MS&AD Ventures and PropTech1 all participated in the round alongside existing investors Pentech, Local Globe and ... Read the full article
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