FloodFlash is the first insurance technology company to offer sensor-enabled parametric flood insurance and Hiscox is already active in the flood insurance market.
Furthermore, as a capacity provider for FloodFlash, Hiscox will support the need for parametric catastrophe cover. They both join Munich Re whose parametric expertise Hiscox will complement with market-leading knowledge of launched flood products in the US.
FloodFlash is available every state in the US, the country with the largest flood protection gap in the world.
In addition, in the UK, where the firm launched, FloodFlash has set records for the fastest property flood claim payout.
FloodFlash head of major accounts and capacity management Richard Coyle said: “We’re delighted to bolster our US capacity with a carrier that has such expertise in the US flood market. This new partnership with Hiscox represents another key endorsement of the FloodFlash approach and, in addition to Munich Re, we have the ideal carrier team supporting us as a parametric flood insurance provider. In response to extraordinary demand since our launch in January, this additional fresh capacity will enable us to continue providing compelling coverage options for distressed businesses that may otherwise be faced with retaining uncomfortable levels of flood risk.”
Hiscox London Market’s alternative risk underwriter, Tom King, commented: “FloodFlash has taken an innovative approach to the challenge of flood underinsurance in the US, and we are excited to expand our significant existing US flood footprint through their unique parametric product. The combination of innovation and expertise that this partnership represents is one that we believe can go some way to addressing the flood coverage gap that currently exists in the US.”
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