Capacity deal to accelerate US growth ambitions
LONDON, Aug. 7, 2023 /PRNewswire/ — FloodFlash, the first insurance technology company to offer sensor-enabled parametric flood insurance, has today announced a new partnership with Hiscox.
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 comments: “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, comments: “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.”
FloodFlash is a multi-award-winning insurance technology company at the forefront of the parametric insurance movement. Launched in the UK 2019 and in the US in 2022, their rapid-payout flood product provides coverage to businesses that struggle to secure flood terms anywhere else. They use the latest in data modelling and IoT technology to provide fast and flexible cover that pays claims in record times. FloodFlash is a registered coverholder at Lloyd’s of London and is authorised and regulated by the Financial Conduct Authority.
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle.
The Hiscox Group employs over 3,000 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance products in commercial and personal lines. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, courage, ownership and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
For more information, visit www.hiscoxgroup.com.
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