FloodFlash has announced a new capacity agreement with Munich Re Syndicate. The insurance technology company uses smart sensors to offer parametric flood insurance.
Head of major accounts and capacity management at FloodFlash, Richard Coyle, said: “This new deal is testament to the relationship that we have built with the teams at our capacity providers and their faith in our parametric underwriting and sensor technology.
“A huge part of this faith comes from the certainty that parametric insurance can bring. We can establish actual losses from a flood event within 48 hours due to the pre-agreed payout amounts. Loss creep from claims inflation and litigation is therefore mitigated. Certainty around expected losses means we can price policies more fairly and capacity discussions are much easier as a result.”
Stuart Newcombe, CUO innovation and underwriting management at the Munich Re Syndicate comments “We are delighted to be able to support FloodFlash as they take their innovative approach to parametric flood insurance to the US market. Their commitment to customer service and satisfaction speaks for itself, and we look forward to working with them as they continue to grow.”
Natural catastrophe re/insurance capacity is distressed globally, particularly in the US, where estimated losses from the Atlantic storm season calculated to be more around US$110bn, including US$65bn of insured losses, with Hurricane Ian as the main contributor.
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