FloodFlash

We're excited to be shortlisted at The Insurer's first Parametric Insurer Awards! FloodFlash are up for: 🎉 Parametric MGA of the Year 🎉 Innovation in Parametrics (Weather and Nat Cat - Private Sector) Plus, co-founder and CUO Ian Bartholomew has been shortlisted for the Parametric Underwriter of the Year Award. We were also pleased to see former FloodFlash-er Henry Bellwood up for the Parametric Rising Star the Year Award. Best of luck Henry! Also attending? Let us know in the comments. #parametricinsurance #innovation #floodrisk

It's time for our monthly round-up! September proved to be a busy month in terms of flood events. Storm Boris hit countries across Central Europe, with estimates of up to $4bn of insurer losses. In the US, Hurricane Helene made landfall as the second major hurricane this season, with Moody's predicting up to $26bn in property damages only. Our thoughts go to all those affected. In the UK, several areas saw record level rainfall. For FloodFlash clients, our on-site sensors mean we can monitor water levels in near-time, with millimetre-accurate measurements. For an example of what our sensor records during a flood, check out Ian Bartholomew's most recent post. We also shared our latest awards news, and updates from the flood and parametric world. For regular FloodFlash updates, sign up to our newsletter here - https://lnkd.in/eRsMPj8b #parametric #hurricaneseason #flooding

Awards news just in 🥁 Insurance Insider US named FloodFlash the E&S Underwriting Team of the Year at the #insiderhonors 2024 event! Our underwriting and pricing algorithms have priced every single property in America. Along with our smart sensor and parametric approach, this means we can write insurance for many of the sectors or locations that struggle to secure traditional coverage due to blanket exclusions. Thanks to the judges and congratulations to all the other winners on the night! #insuranceawards #parametric #innovation

FloodFlash are at the WSIA (Wholesale & Specialty Insurance Association) Annual Marketplace! Commercial Director Richard Coyle and Business Development Manager Ben Lang will be in San Diego next week to discuss how FloodFlash can help provide parametric flood coverage for your hard-to-place commercial risks. To book some time with Rich or Ben, email getaquote@floodflash.com and they'll be in touch. #parametric #floodinsurance #WSIA

September is here, bringing autumnal weather to the UK and further possibilities of cyclones to the US. Our headline story is our feature in the Financial Times in the third part of a series all about climate change and insurance. The article came as the US saw two additional named storms (Debby and Ernesto) affect several US states in August. Flooding was high on the agenda in the UK too, with the news that insurance claims from weather damage reached a record £1.4bn during the second quarter of Q2. September sees the FloodFlash team back on the road. Scroll through our round-up to see where to find them this month. #insurance #hurricaneseason #flooding

FloodFlash is not just an option when there are no traditional markets offering terms, but also if traditional premiums are rising to unaffordable levels. Real estate risks can be subject to significant premium increases when the property value increases. However, using a property valuation to set a premium doesn't take into account how a flood may impact a property. The flexibility of a FloodFlash policy means clients can save on their premium while still having financial protection in the event of a flood. -- 🏢 The client Based in Reading, the client is a residential management business which manages a number of apartment blocks. The blocks have no accommodation on the ground floor, and steps up to the entrance. 🔰 The insurance situation After a rebuild assessment prompted an increased property valuation, the client was faced with limited options and unaffordable premiums. In fact, only one insurer was willing to provide cover including flood. 💙 The FloodFlash solution Excluding flood, the premium fell, and more insurers were offering terms. The client then chose a multi-trigger FloodFlash policy which would fill their flood exposure. By using FloodFlash, the client had far more options available to them, and saved 30% on their total premium. 🛠 Policy structure Total Payout: £390k Trigger depths: 8in, 20in, 40in -- Got a client in need of flood coverage? Get in touch at getaquote@floodflash.com #parametricinsurance #floodcoverage #businessinterruption

FloodFlash is best applied to complement existing coverage or when the traditional markets aren't able to provide adequate limits. This is true when flood risk is high, but it applies with hard-to-write classes too. That's why we want to highlight a recent case where FloodFlash flexibility was used to cut through the red tape and secure business interruption coverage when no other was available. -- Overview 🏜 location: Sacramento, California 🌾 industry: Agricultural processing 😟 key concerns: business interruption 💡 solution: policy that pays when flood impacted key machinery -- 👨💼 The client This business runs a rice processing facility near Sacramento, CA. Operations include drying and storage of crops ready for shipping for further processing. Property and contents at the riverside site range from the vast silos to the complex conveyor systems and vital drying motors. 🔰 The insurance situation The property and casualty policy in place for the business covered the contents in the event of the flood. However there was no coverage available for business interruption. With a wet year in California leading to high rice yields, any interruption to the facility would have huge implications. Flooding would cause large BI losses and a significant impact on the onward supply chain. 💙 The FloodFlash solution After discussing what the impact of a flood might be on the facility, the client and their broker reached out to FloodFlash to review options for the business interruption coverage. Having worked on a multi-trigger policy to cover minor, moderate and severe outages - they landed on a premium that was within budget. 🛠 Policy structure Total Payout: $4.5m Trigger depths: 12in, 24in & 36in -- Want to share this case study with your hard-to-place clients? Grab the link in the comments. #parametricinsurance #floodcoverage #businessinterruption

August is here! That means it's time for a recap of last month 🗞 The headline news was Hurricane Beryl, which was the first hurricane to make landfall in the US this season. We wish all the people and communities impacted the very best in their recovery. We also discussed FloodFlash updates, including Ciana Kenny's talk at Lloyd's (plus her feature in Insurance Business UK) and our latest case studies. Finally, we shared the latest flood and parametric news, with Flood Re's record claims and US flood resilience funding in the spotlight. ➡ Read our round-up below. For monthly updates direct to your inbox, sign up to our newsletter https://lnkd.in/eRsMPj8b #hurricaneseason #parametric #floodrisk

We're a finalist in the Insurance Insider Honours 2024 🎉 Our rapid-payout claims are back in the spotlight, as we're up for the Claims Service Award. Wish us luck for the final on the 4th September! #insiderhonours #parametric #insuranceclaims