FloodFlash, a pioneering insurtech startup specializing in parametric flood insurance, has secured £1.9 million in seed funding to enhance its technology and expand coverage for high-risk areas.
Information on the Target
FloodFlash is an innovative insurtech startup that provides a novel solution for insuring flood risks that were previously considered uninsurable. The company has introduced a parametric insurance model, which allows for immediate payouts triggered by predefined flood conditions, utilizing advanced technology such as internet-connected water sensors. This approach ensures that policyholders receive a fixed payment as soon as a specified level of flooding occurs, enabling them to recover more efficiently from flood-induced disruptions.
Founded by Adam Rimmer and Ian Bartholomew, both seasoned professionals with extensive experience in modeling and structuring parametric catastrophe bonds, FloodFlash aims to transform flood insurance accessibility. Their technology-led model bridges a significant gap in the market, allowing businesses located in high-risk flood zones to obtain affordable and effective coverage.
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Industry Overview
The global insurance industry faces profound challenges, particularly in addressing flood-related risks. Every year, flood damages result in losses amounting to approximately $50 billion, with only about $9 billion
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Pentech Ventures, LocalGlobe, InsurTech Gateway
invested in
FloodFlash
in 2018
in a Seed Stage deal
Disclosed details
Transaction Size: $2M