Gallagher has partnered with UK insurtech company, FloodFlash to offer the parametric flood insurance policy to its UK clients.

The product features claim settlement based on a pre-defined trigger point, rather than through an assessment of the cost of damages. In the event of a flood, when water depths exceed a chosen threshold, a pre-agreed settlement figure is paid out.

Floodflash co-founder, Adam Rimmer said: “Thousands of organisations across the UK are open to devastating costs from floods. We’re proud to partner with Gallagher and bring rapid-payout insurance to businesses and landlords across the UK.”

Leeds branch director at Gallagher, James Murray added: “With the increasingly unpredictable weather, many UK businesses are likely to find themselves increasingly exposed to the risk of flooding. The good news is that there are solutions to help, even for difficult to insure businesses.

“Through our partnership with FloodFlash, we can offer our clients an innovative, technology-led solution, helping organisations obtain flood insurance in high risk areas.”

Founded in 2017, FloodFlash is headquartered in London. It uses data modelling and connected technology to provide a flexible flood insurance cover. The firm is a registered coverholder at Lloyd’s.

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