FloodFlash, a parametric flood insurance company that pays catastrophic floor claims fast, has entered the US insurance market.
Since launching in 2019, FloodFlash has established a track record for combatting extreme weather losses. Its unique coverage combines computer models, cloud software and connected technology to provide flood cover to those the insurance industry has left behind.
FloodFlash’s entry into the US market comes at a time in which US policyholders have been left waiting weeks or months to receive their claims after a devastating hurricane season.
In addition, FloodFlash said that in the wake of Hurricanes Ian and Nicole, traditional insurers are hesitant to reinsure, leaving businesses without many options and contributing to the $58bn global flood insurance gap, with the US as the largest contributor.
FloodFlash is aiming to augment the flood insurance market in the US by using its parametric technology to make flood insurance available to businesses that can’t get coverage anywhere else.
In February 2022, FloodFlash raised $15m in Series A funding. At the time, the company said it planned to use the capital to fuel international expansion and begin closing the $58bn flood protection gap, as well as target markets include the US, Germany, Australia, and Japan.
Mark Hara, CEO of North America, is executing FloodFlash’s US go-to-market strategy across five states to start – Florida, Virginia, Texas, Louisiana, and California.
He said, “I’m excited to bring this simple, tech-enabled flood insurance to the businesses that need it most. FloodFlash can provide excess coverage, fill deductibles or cover what other policies do not – providing a coverage option for those with nowhere else to go.
“It’s a delight to be working with forward-thinking brokers who are dedicated to solving client problems. Together we will help address the flood coverage gap that impacts every single state.”
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