FloodFlash settles claim in under 10 hours

Parametric insurer FloodFlash settled one claim from Storm Christophe in nine hours and 44 minutes.

This was the time that lapsed between the flood triggering the policy to the client having the claim settlement in their bank.

FloodFlash policyholders have sensors placed in their premises. When these detect flooding has hit a certain level it triggers payment of a pre-agreed amount.

In a statement, FloodFlash said: “Clients hit by Storm Christoph received their settlement in full on the day that they flooded. The fastest claim we paid took just under 10 hours from the flood triggering the policy to the client having money in the bank.

“Fast, transparent claims are the reason why parametric insurance is poised to make millions of people and businesses more resilient.

“What's more, this record-breaking achievement happened fully remotely during a national lockdown. The sensors network does the heavy lifting so that no visits are required - reducing travel and the risk to all parties during the pandemic.”

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