FloodFlash launches parametric flood product across America
Following a binder expansion with Munich Re Speciality earlier this year, parametric flood insurtech FloodFlash has expanded its offering across America.
The insurance technology company provides flood coverage to the National Flood Insurance Program (NFIP) where the private markets are unable to quote, particularly in real estate, sports and entertainment, manufacturing, energy and healthcare lines.
In January, the insurtech announced its expansion to 10 states in addition to the launch states of Florida, Texas, California, Virginia, and Louisiana. As a result of a binder expansion with Munich Re Specialty – Global Markets, Syndicate, quotes can be obtained anywhere in the mainland US.
The parametric insurer has recently also launched new programmes for Dealer Lot businesses, Golf and Country Club clients.
The company said these new offerings were created to support US brokers and their clients ahead of a hurricane season predicted to exceed activity in the last few years.
Experts at Munich Re expect above-average hurricane activity in 2024, claims FloodFlash. According to the company, Munich Re recently reported that research institutes anticipate approximately 23 named cyclones in the tropical North Atlantic for the 2024 season, with 11 of these developing into hurricanes, and five becoming severe hurricanes with wind speeds of over 110 mph (177 km/h).
Rich Coyle (pictured left), US commercial director, FloodFlash, said: “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.”
Adam Rimmer (pictured right), chief executive officer, FloodFlash, 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, Munich Re Specialty – global markets, said: “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.”
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