(Flooded walnut orchard in Butte County, California on January 8, 2023. Photo credit: Frank Schulenburg/Wikimedia Commons.)
Parametric flood insurance company FloodFlash (London), which describes itself as the first insurance provider to pay catastrophic flood claims as fast as four hours, has announced a new partnership with EPIC Insurance Brokers & Consultants, a San Francisco-based broker, and risk management and consulting firm. Following FloodFlash’s launch in the U.S. and subsequent opening for business in California, the company says the partnership cements its commitment to providing additional flood insurance options to businesses in the Golden State who might otherwise be left in the underinsurance or reinsurance gap.
Characterizing its offering as the first parametric flood insurance available to the mass market, FloodFlash reports that its coverage combines IoT sensor technology, computer models, and cloud software to provide flood coverage to those the insurance industry has left behind. Despite the prevalence of flood risk in America, fewer than 5 percent of small to mid-size businesses carry flood insurance, according to a FloodFlash statement.
FloodFlash places the new partnership announcement in the context of unprecedented flooding in California resulting in billions of dollars in flood damages, leaving business owners to rebuild their livelihoods with little assistance from traditional insurers. The company notes that heavy rain in the Bay Area caused an estimated $31 billion in damages for residents and business owners alike, unsupported by the $58 billion global flood insurance gap, of which the U.S. leads all countries. By partnering with EPIC Insurance Brokers & Consultants, FloodFlash says it is aiming to augment the flood insurance market in California and nationwide using its parametric technology to make flood insurance available to businesses that can’t get coverage anywhere else.
Helping to Reach Customers Impacted by Flood
“I’ve been in the insurance industry for over 20 years, and I believe that this product is one of the greatest flood solutions created,” comments Melnora Cruz, Principal, EPIC Insurance Brokers & Consultants. “It definitely needs to be introduced to every agent and broker out there.”
“FloodFlash is delighted to work with EPIC Insurance Brokers & Consultants, who are extremely well-respected brokers in the state of California and indeed the country,” says Mark Hara, CEO for North America, FloodFlash. “They know the market and the needs of local businesses better than anyone; these partnerships will help us reach customers and provide critically important flood insurance options for communities.”