JBA and FloodFlash to launch first parametric flood policy

JBA Risk Management and FloodFlash have partnered to provide a breakthrough in event-based flood insurance, applying a parametric approach at property level for the first time. The product is an industry first and will provide bespoke insurance for policyholders in frequently flooded areas who have traditionally struggled to obtain cover.

The innovation combines JBA’s UK 5m Flood Map and UK Flood Event Set with the state-of-the-art hardware, the FloodFlash sensor, to apply risk transfer approaches more commonly seen in large-scale transactions such as catastrophe bonds, to individual property and business owners.

Jane Toothill, Director at JBA, said: ‘FloodFlash’s micro-scale application of parametric insurance at property level is unique and exciting. It demands extremely high-quality underlying data and we’re proud to be able to provide this so as to support FloodFlash’s initiative.’

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