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UK-based flood insurer to launch in US

January 18, 2023

Parametric flood insurance company FloodFlash has announced that it has entered the US insurance market. The UK-based company said it is the first insurance provider to pay catastrophic flood claims in as little as four hours.

In the wake of a devastating hurricane season in the US, policyholders have had to wait weeks or months for their claims to be paid, FloodFlash said. Additionally, many traditional insurers have been hesitant to renew coverage following the devastation of hurricanes Ian and Nicole, contributing to the nation’s $58 billion flood insurance gap – the largest in the world.

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