FloodFlash: UK floods hit parametric triggers for some policies

FloodFlash, a flood risk focused insurtech company that offers an innovative sensor-based approach to parametric flood insurance, said that the current UK floods that have occurred after days of storms and heavy rainfall have seen waters rise to hit the parametric triggers for some of its policies.

FloodFlash installs sensor technology on-site for its policyholders, so the water depths can be read in close proximity to the risk being insured.

The result is a highly responsive parametric insurance policy that can be paid out very quickly in the majority of cases.

In the past, FloodFlash has paid parametric flood insurance claims as quickly as in just ten hours, thanks to its sensor technology.

The United Kingdom has been drenched with heavy rain from consecutive low pressure systems and storms that have struck the country in recent days and weeks.

The result has been saturated ground and the latest heavy rainfall from windstorm Henk last week, has driven significant flooding across numerous areas.

Ian Bartholomew, Chief Underwriting Officer at FloodFlash, explained, “This is another large UK flood event, quickly following storm Babet in October. Our sensors have been registering flooding in affected areas up and down the country as, again, UK business are suffering from the impacts of overflowing rivers. In some cases our sensors have registered flood depths in excess of two metres at client properties.

“The flooding brought by storm Henk followed a wet end to last year. This week our sensors have registered flooding across England and Wales almost immediately after the disastrous events in Scotland. Counties we’ve seen flood activity in 2024 already include Greater Manchester, Gloucestershire, Herefordshire, and West Sussex, with more expected throughout today.

“So far, the clients we’ve seen worst affected have been those in the sports, leisure and hospitality industries. January can be a challenging time for those sectors without catastrophic flooding As always, we’re working hard to ensure that the data our sensors provides means that the majority, if not all, of our claims will be paid within the next week.”

Bartholemew told us that the flood waters have met the parametric trigger depths for some FloodFlash policies over the last few days.

He explained that the company is now in the process of managing those claims and that payouts are to be expected where the claims pass FloodFlash’s checks.