FloodFlash Continues US Expansion of Parametric Flood Insurance

Building sitting in the middle of flood waters

January 31, 2024 |

Building sitting in the middle of flood waters

FloodFlash has expanded availability of its sensor-enabled parametric flood coverage to 10 additional US states. FloodFlash, a registered coverholder at Lloyd's of London, offers rapid payout flood coverage for businesses and public entities that have difficulty securing flood coverage elsewhere.

Launched in 2019, FloodFlash aims to provide fast and flexible coverage with quick claims payouts thorough the use of data modeling and Internet of Things (IoT) technology.

"The Internet of Things (IoT) describes the network of physical objects—'things'—that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the Internet. These devices range from ordinary household objects to sophisticated industrial tools," per the Oracle website, in "What Is IoT?"

Delaware, Iowa, Missouri, New Jersey, New York, Oregon, South Carolina, Washington, Vermont, and Massachusetts now have unrestricted access to the parametric product. They join Florida, Texas, California, Virginia, and Louisiana.

FloodFlash is available across the entire United States; however, a minimum premium of $25,000 applies for risks outside of the states listed above.

FloodFlash CEO Adam Rimmer said, "America plays host to the largest flood protection gap in the world. Population growth, urbanization, and climate change are all making it harder for traditional insurance to underwrite catastrophic flood risks. That's where FloodFlash comes in.

He continued, "We've identified that sensor-based parametric insurance is the best way to provide affordable flood insurance in locations and sectors where many providers are reducing their flood offering."

January 31, 2024