Parametric and Climate Risk Insurance

Parametric Insurance policies are new, innovative risk management solutions which allow for risks to be transferred or financed in non-traditional ways. These insurance solutions may offer alternatives to funding losses that are not possible with traditional insurance products.

The concept of Parametric Insurance is that instead of traditionally indemnifying for the actual loss incurred, this policy covers the probability of a predefined event happening (e.g., a major hurricane or earthquake), and pays out according to a predefined scheme. Events may refer to an index-based trigger (e.g., a specific level of rainfall) or an event within a defined area.

As the environmental impact from climate change worsens, so does the volatility associated with weather and climate risk. The World Economic Forum placed 2020 as the joint warmest year on record with 2016. Current science predicts global temperatures will increase between around 1.5 and 3 degrees by 2050, and up to 6 degrees by 2100. That is not a world we, or anyone, can safely adapt to. Due to these changes, now more than ever, there is a need for new and innovative risk management solutions which look to address the protection gaps within traditional insurance policies. As the world begins to evolve, so do our policies and risk transfer solutions.

Our Parametric Solution: FloodFlash

If your Insurers don’t provide flood cover, or impose big excesses on your policy, you might need FloodFlash. This simple parametric insurance policy pays claims typically within 7 days of a flood and claims are based on levels of rainfall, not damage caused, meaning you choose the pay-out that suits your property.

FloodFlash is a fast, straightforward and flexible type of cover which protects your business whilst keeping you in control.

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FloodFlash

Commercial flood insurance custom built to keep you in control

If your Insurers don’t provide flood cover or impose big excesses on your policy, you might need FloodFlash. This simple insurance policy pays claims typically within 7 days of a flood and claims are based on levels of rainfall, not damage caused, meaning you choose the payout that suits your property.

Fast

Typically, payments are made within 7 days

Straightforward

Paperwork is minimal. We just confirm that there has been a flood and pay out the agreed amount

Flexible

Control your trigger depths and premium spend by raising stock or installing flood defenses

 

Three steps to controlling your recovery

FloodFlash is changing the way that businesses recover from flooding. Here’s how it works:

01 Select

You choose the trigger depths and pay-out values for your cover

02 Install

You choose the trigger depths and pay-out values for your cover

03 Settle

When the sensors confirm a flood has reached the agreed depth, the payment process is triggered and we organise your payout

	FloodFlash	FloodFlash+
Appetite	SME Commercial property including landlords	Larger business & Government
Location	UK excl. Ireland	Worldwide
Limits	Up to £5m	£5m +

 

How FlashFlood works for you

 

Organisations that should consider using FloodFlash include but are not limited to:

• Light manufacturing
• Residential and commercial landlords
• Auto trade
• Sports and social clubs
• Retail and hospitality

The FloodFlash Sensor

10-year life
Low power consumption allows a single battery to be used for the sensor’s lifetime

High-resolution flood data
Millimetre-scale accuracy to measure flood depths

Fraud resistant
Live data monitoring feeds into robust automated and fraud-resistant claims process

Global connectivity
Designed to work on any network for maximum coverage with low data usage

Memory chip
Records flood data even when networks – are down. Data sent automatically when network recovers

For more information on
how we may be able to
assist you, please contact:

Steve Wilson
[email protected]
t +44 (0)113 3936349
m +44 (0)7827 826448