Hiscox is already an active participant in the US flood insurance market, and as a capacity provider for FloodFlash will support the market appetite for parametric as an efficient option for catastrophe covers. They join Munich Re, whose parametric expertise Hiscox will complement with market-leading knowledge of launching successful flood products in the US.
Despite the prevalence of flood risk in America, it plays host to the largest flood protection gap in the world. FloodFlash is now available across every state.
In the UK where the business initially launched, FloodFlash has set new records for the fastest property flood claim payout, thanks to the proprietary IoT sensor technology. In November 2022 they paid one client in full less than four hours after they flooded. These rapid claims provide a lifeline to businesses that often have no other options for affordable and comprehensive coverage.
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.”
Hiscox London Market’s Alternative Risk Underwriter, Tom King, said: “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.”
Coyle added: “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.”
Source: FF News