Gallagher teams up with insurtech FloodFlash on new parametric policy

Broker Gallagher has partnered with London-based insurtech startup FloodFlash to offer an innovative parametric flood insurance solution to its clients.

The new parametric policy will have claims settled based on a pre-defined trigger point, rather than through the traditional assessment of the cost of damages. In the event of a flood, when water depths exceed a chosen threshold, a pre-agreed settlement figure will be paid out.

Founded by catastrophe insurance experts Ian Bartholomew and Adam Rimmer, FloodFlash is said to have issued millions of pounds worth of cover for commercial property across the UK.

“With the increasingly unpredictable weather, many UK businesses are likely to find themselves increasingly exposed to the risk of flooding. The good news is that there are solutions to help, even for difficult to insure businesses," said James Murray, branch director, Leeds, Gallagher. “Through our partnership with FloodFlash, we can offer our clients an innovative, technology-led solution, helping organisations obtain flood insurance in high risk areas.”

FloodFlash co-founder Rimmer commented: “Thousands of organisations across the UK are open to devastating costs from floods. We’re proud to partner with Gallagher and bring rapid-payout insurance to businesses and landlords across the UK.

“The adoption of new insurtech products like FloodFlash shows Gallagher’s commitment to bringing innovative cover options to its customers. With this partnership we are better placed to provide cover to the people that need it most.”