FloodFlash pays parametric UK Storm Bert flood claim in just over 10 hours

FloodFlash, a flood risk focused insurtech company that offers an innovative sensor-based approach to parametric flood insurance, has revealed paying a claim for a client in just over 10 hours after UK flooding from Storm Bert breached the parametric trigger for the policy.

FloodFlash has continued to demonstrate how utilising sensors to record real-time flood inundation depths, to provide the data to support its parametric insurance coverage, can result in very fast claims reimbursement for policyholders.

Previously the company paid a claim in just under 10 hours after UK storm Christoph in early 2021.

Recent Storm Bert drove flooding across a swathe of western and northern areas of the United Kingdom and FloodFlash’s sensor-based parametric insurance responded rapidly again.

Ian Bartholomew, Chief Underwriting Officer at FloodFlash, commented, “Just over a year after Storm Babet hit large areas of the UK, Storm Bert affected counties across England and Wales. Our sensors first measured flooding on Sunday 24th and have since measured flood events from Cardiff to Northamptonshire. From construction companies and car dealerships to sports clubs and care homes, we saw a range of industries get hit by Storm Bert.

“We have been busy paying claims, with our fastest being paid just over 10 hours after their trigger depth was met. For this client, water reached the trigger depth at 4.30am on Monday morning, and the full payout was in their account at 2.30pm that day.

“Fast payouts are key in limiting business interruption, reducing long term damage, protecting cash-flow, and minimising stress for our clients. The storm is yet more evidence that the FloodFlash sensor technology is the best way to enable these super-fast claims payments, giving our customers certainty to get back up and running as soon as possible.”

Technological approaches to parametric insurance and risk transfer continues to demonstrate an ability to respond very rapidly when catastrophic weather and natural disaster events occur.

These responsive and location-accurate parametric risk transfer solutions are well-suited to perils such as flooding and FloodFlash continues to be a leader in the space, with its singular focus on this exposure delivering value very quickly to help clients finance their recovery.