Sensor-enabled parametric flood insurance provider FloodFlash has agreed a capacity deal with Hiscox. The deal will help UK-based FloodFlash expand its offering to the US market. Hiscox is already an active participant in the US flood insurance market.

Richard Coyle, head of major accounts and capacity management at FloodFlash, said: “We're delighted to bolster our US capacity with a carrier that has such expertise in the US flood market. This new partnership with Hiscox represents another key endorsement of the FloodFlash approach and, in addition to Munich Re, we have the ideal carrier team supporting us as a parametric flood insurance provider."

Tom King, alternative risk underwriter at Hiscox London Market, added: “FloodFlash has taken an innovative approach to the challenge of flood underinsurance in the US, and we are excited to expand our significant existing US flood footprint through their unique parametric product.”

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