FloodFlash, a flood risk focused insurtech company that offers an innovative sensor-based approach to parametric flood insurance, has secured capacity support from reinsurance giant Munich Re’s Specialty division to enable it to expand its parametric flood product across America.
Floodflash had previously announced its entry to the United States, with parametric flood quotes available across ten states.
Now, the company has announced its expansion to cover all mainland US locations, broadening availability of a much-needed responsive and location-accurate parametric flood risk transfer solution.
FloodFlash is known for providing flood insurance in excess of the National Flood Insurance Program (NFIP), especially where private markets are unable to quote.
The company has had particular success in delivering parametric flood insurance solutions to the real estate, sports and entertainment, manufacturing, energy and healthcare sectors.
Now, thanks to an agreement that sees binder capacity expansion with Munich Re Specialty – Global Markets, Syndicate quotes can be obtained anywhere in the mainland US. States, which the company notes was in response to broker demand.
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.”
FloodFlash CEO, Adam Rimmer, also said, “My message to risk managers is simple: ‘there is still time’. If your clients don’t have the flood limits they need after Q2 renewals, coverage is still available. Alternative providers like FloodFlash have a strong track record of excellent claims performance that guarantees business survival. Our expert team and IoT sensors are on hand to help.”
Dominick Hoare, Group Chief Underwriting Officer for Munich Re Specialty – Global Markets, added, “The increasing severity and unpredictability of extreme weather events poses challenges across society, one of which is flooding. This can be particularly destructive for small to medium sized businesses. We’re pleased to have played a role in enabling FloodFlash to increase their coverage to clients across the US mainland.”
FloodFlash said that this announcement comes on the heels of successful new program launches for Dealer Lot businesses, Golf and Country Club clients, and for those looking to utilise parametric insurance as a Business Interruption solution.
The company also said that the move is designed to support US brokers and their clients ahead of what is predicted to be a very active hurricane season.