[LONDON, NOV 2021] FloodFlash, the first insurtech startup to offer parametric flood insurance to the mass market, announced a landmark agreement with Munich Re today.
The relationship between FloodFlash and Munich Re began with Munich Re providing capacity for FloodFlash consultancy service FloodFlash+ which serves large and complex risks. Munich Re have now assumed the lead role in providing capacity for the principle FloodFlash business that provides rapid-payout flood cover for SMEs and landlords.
The new partnership provides a platform for international expansion as well as increasing the cover limits available to the insurtech in the UK. It will give FloodFlash access to advanced underwriting and innovation support. FloodFlash now hopes to provide more quotes across the UK and fuel international growth in other markets. Notable flood protection gaps such as the US, Germany and Australia.
According to NOAA, inland flooding caused more than $151 billion in damages across the US in the last 40 years. Despite the prevalence of flood risk in America, only 5% to 15% of homeowners, and fewer than 5% of small to mid-size businesses, carry flood insurance1. This represents a massive opportunity for FloodFlash, who have already made an impression on the UK protection gap.
Beyond simply providing cover, FloodFlash recently set new records for the fastest property flood claim during Storm Christoph in January 2021. They paid one client in full just 9 hours and 44 minutes after flooding. Most FloodFlash clients are paid within 48 hours. These rapid payouts provide a lifeline to businesses that have been rocked by months of insecurity caused by COVID disruption.
FloodFlash CEO Adam Rimmer comments: “We couldn’t be happier in growing our relationship with Munich Re. They have a proven track record for supporting innovative products. Their pedigree in the parametric insurance space makes us even better suited.”
“This partnership will ensure we can move faster and provide more flexible covers to our customers and provide a springboard for international expansion. We will set the standard for how underwriters and insurtechs can work together to address industry issues, starting with the $58bn yearly global flood underinsurance problem.”
Stuart Newcombe, Active Underwriter of the Munich Re Innovation Syndicate comments: “We are really excited to increase the scope of our partnership with FloodFlash. I look forward to working together on parametric flood insurance, filling a very significant insurance gap.”
1 NOAA National Centers for Environmental Information (NCEI). 2021. U.S. Billion-Dollar Weather and Climate Disasters (2021). https://www.ncdc.noaa.gov/billions/, DOI: 10.25921/stkw-7w73
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