Assessing these risks is therefore crucial for the build environment. Everybody has them in their portfolio and regulation is getting tighter as we speak. “Constantly increasing climate-change induced risks are the dirty secret of the real estate industry. FloodFlash’s holistic solution, which includes sophisticated building-level underwriting and monitoring as well as an intuitive cloud platform for brokers and agents, is a game changer for the industry.” Nikolas Samios, Managing Partner at PropTech1 Ventures Successfully writing natural catastrophe parametric insurance is no simple task. “Parametric insurance is finally having its moment in insurtech and we believe the FloodFlash approach will appeal to hundreds of thousands of companies in the US and beyond. We are thrilled to lead this first-class syndicate of investors and believe strongly that the FloodFlash team is well positioned for global expansion and success.” Ben Bergsma, Investment Principal at Munich Re Ventures “Real solutions are needed to address flood risk in the communities on the front lines of climate change. The group of investors for the round couldn’t be better tailored to supporting our efforts in solving the issues around underinsurance in the face of climate change.” Amy Francetic, partner at Buoyant Ventures “This investment is an endorsement of our parametric cover and how we’re using it to solve real-world issues. We can’t wait to see their product launch in new markets across the Globe.” Adam Rimmer, CEO at FloodFlash “Seeing real claims being paid in record time, saving livelihoods, shows that FloodFlash works. “We are proud of supporting FloodFlash from the very beginning.” Said Robert Lumley, Co-Founder at Insurtech Gateway. During Storm Christoph in January 2021 FloodFlash paid a client in full 9 hours and 44 minutes, setting a record for catastrophic flood claim payment. When flooding reaches the depth selected, the insurance pays out, typically within 48 hours. Customers choose a depth and payout amount for their policy. Their unique coverage combines computer models, cloud software and connected technology to provide flood cover to those the insurance industry has left behind.Īside from broader availability, a key advantage to the coverage is how simple it is. Since launching in 2019, FloodFlash has established a track record for combatting extreme weather losses. This represents a massive opportunity for FloodFlash, who have already made an impact on the UK flood underinsurance problem. Despite the prevalence of flood risk in America, only 5% to 15% of homeowners, and fewer than 5% of small to mid-size businesses, carry flood insurance. According to NOAA, inland flooding alone caused more than $151bn in damages across the US in the last 40 years. The US represents the biggest opportunity. Target markets include the US, Germany, Australia, and Japan. FloodFlash plans to use the investment and capacity to fuel international expansion and begin closing the $58bn flood protection gap. The investment comes three months after FloodFlash announced a new insurance capacity partnership with Munich Re, one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. Sony Financial Ventures/Global Brain (Tokyo), MS&AD Ventures (San Francisco) and PropTech1 (Berlin) all participated in the round alongside existing investors Pentech, Local Globe and Insurtech Gateway. The round was led by Chicago-based Buoyant Ventures with San Francisco-based fund Munich Re Ventures also featuring as an investor. Target markets include the US, Germany, Australia, and Japan.Īddressing flood risk for communities facing climate changeįloodFlash, the parametric insurance technology company that pays catastrophic flood claims within 48 hours, today announced a Series A raise of $15m.Funding to capitalise international growth as company targets $58bn flood underinsurance problem. FloodFlash raises $15m Series A led by Buoyant Ventures alongside Munich Re Ventures, Insurtech Gateway and other Global investors.
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