The newly incorporated states include Delaware, Iowa, Missouri, New Jersey, New York, Oregon, South Carolina, Washington, Vermont, and Massachusetts, now joining the initial coverage areas of Florida, Texas, California, Virginia, and Louisiana where there is no minimum premium.
Responding to heightened demand, FloodFlash – which is renowned for its sensor-enabled parametric flood insurance, has taken the proactive measure of reducing the minimum premium for all the remaining states to $25,000. The decision is aimed at broadening accessibility to their sensor-based parametric approach, making it more available to businesses and public entities in need.
The move is also anticipated to meet the growing demand for innovative insurance solutions, particularly in areas prone to flooding. By expanding its reach to these additional states, FloodFlash is poised to cater to a broader spectrum of businesses and organisations, enhancing resilience against the financial impacts of flood-related incidents.
FloodFlash CEO Adam Rimmer commented on the news, saying: “America plays host to the largest flood protection gap in the world. Population growth, urbanisation and climate change are all making it harder for traditional insurance to underwrite catastrophic flood risks. That’s where FloodFlash comes in.“We’ve identified that sensor-based parametric insurance is the best way to provide affordable flood insurance in locations and sectors where many providers are reducing their flood offering. This expansion renews our mission to help more American businesses and communities recover from catastrophic flooding using parametric insurance. I’d like to extend a thanks to our capacity and broker partners for supporting those efforts.”
FloodFlash US Commercial Director Rich Coyle added: “We look forward to helping more businesses protect themselves from flood damage related to severe convective storms and snow melt as well as helping gulf and east coast risks prepare for the upcoming hurricane season. We’re also committed to visiting all corners of the country in the next few months to connect with brokers across the industry to better understand their difficulties securing flood coverage for their clients.”
