FloodFlash partners with Hiscox to accelerate US growth

The partnership will help FloodFlash expand its US presence and address the country’s large flood protection gap.

Hiscox is already an active participant in the US flood insurance market, and as a capacity provider for FloodFlash, it will support the market appetite for parametric insurance. Parametric insurance is a type of insurance that pays out based on a predetermined trigger event, such as a flood of a certain depth. This makes it a more efficient and affordable option for flood coverage than traditional insurance, which can be slow and complex to process claims.

FloodFlash is already available in all 50 states in the US. The company’s proprietary IoT sensor technology allows it to assess flood damage and pay claims rapidly. In November 2022, FloodFlash paid one client full within four hours of their property flooding.

“We are delighted to partner with Hiscox,” said Richard Coyle, head of major accounts and capacity management at FloodFlash. “This partnership will help us to accelerate our growth in the US and provide more businesses with access to affordable and comprehensive flood insurance.”

“FloodFlash has taken an innovative approach to the challenge of flood underinsurance in the US,” said Tom King, alternative risk underwriter at Hiscox. “We are excited to partner with them and help them to address this important issue.”

The partnership between FloodFlash and Hiscox is a significant step towards addressing the US flood protection gap. With this new capacity, FloodFlash will be able to provide more businesses with the peace of mind that comes with knowing they are protected from the financial impact of flooding.