The insurtech is known for providing flood coverage in excess of the National Flood Insurance Program (NFIP), particularly in areas where private markets struggle to quote, such as real estate, sports and entertainment, manufacturing, energy, and healthcare lines.
In January, FloodFlash expanded to ten additional states beyond its initial launch states of Florida, Texas, California, Virginia, and Louisiana. Through a partnership with Munich Re Specialty, quotes are now obtainable anywhere in the mainland US.
The announcement follows the launch of new products, including programmes for Dealer Lot Businesses, Gold and Country Club Clients, and those seeking parametric insurance for Business Interruption solutions. These additions were created to support US brokers and clients ahead of a hurricane season predicted to far exceed activity from recent years.
Leading research institutes anticipate approximately 23 named cyclones in the tropical North Atlantic for the 2024 season, with eleven developing into hurricanes and five becoming severe hurricanes with wind speeds over 110 mph (177 km/h). This would represent a doubling of the long-term average between 1950 and 2023, following two relatively quiet years.
Rich Coyle, (left) US Commercial Director, commented: “This significant increase in expected activity is a cause for great concern. The combination of hard market pressures and a relatively benign 2023 hurricane season has seen many coastal clients retaining record-high levels of storm and surge risk. Carrying forward those retention levels will leave many insureds watching on nervously as we move through hurricane season.”
“For the businesses that don’t have the limits they need, the best time to develop physical and financial resilience to hurricanes is right now. We’re proud to have expanded our product out to more American businesses and will do our best to support those that the market has left behind,” Coyle added.
Adam Rimmer, (right) CEO of FloodFlash, (pictured), added: “My message to risk managers is simple: ‘there is still time’. If your clients don’t have the flood limits they need after Q2 renewals, coverage is still available. Alternative providers like FloodFlash have a strong track record of excellent claims performance that guarantees business survival. Our expert team and IoT sensors are on hand to help.”
Dominick Hoare, Group Chief Underwriting Officer for Munich Re Specialty, said: “The increasing severity and unpredictability of extreme weather events pose challenges across society, one of which is flooding. This can be particularly destructive for small to medium-sized businesses. We’re pleased to have played a role in enabling FloodFlash to increase their coverage to clients across the US mainland.”
