The Institutes

Insurer Introduces Commercial Parametric Flood Coverage In Five States

 Tuesday, January 17, 2023

 Reinsurance News

Parametric flood insurer FloodFlash has announced that it has entered into the US insurance market.

After a devastating hurricane season in the US, policyholders have been waiting weeks, and in some cases, months, to receive claims to be able to rebuild their businesses and revive local economies.

Moreover, in the wake of Hurricane Ian, which is estimated to have cost insurers almost $12.6 billion, and Hurricane Nicole, traditional insurers are hesitant to reinsure, which is leaving businesses without many options and contributing to the $58 billion global flood insurance gap, with the US as the largest contributor.

However, FloodFlash is aiming to augment the flood insurance market within the US by using its parametric technology to make flood insurance available to businesses that are not able to get coverage from anywhere else.

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