Broker signs up to provide first-of-its-kind flood cover
London, UK (Feb. 10, 2020) – FloodFlash, an InsurTech startup offering rapid-payout insurance for businesses in areas at high risk of flooding, is pleased to announce a new partnership with Gallagher, the global insurance broker, risk management and consulting services firm.
The partnership sees Gallagher being able to provide new ‘parametric’ flood insurance policy to its clients, with claims settled based on a predefined trigger point, rather than through the traditional 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.
Founded by catastrophe insurance experts Dr Ian Bartholomew and Adam Rimmer, it has already issued millions of pounds worth of cover for commercial property across the UK.
The UK Department of Environment, Food and Rural Affairs (DEFRA) estimates annual UK flood losses at £500m (CAD $860 million). Gallagher is among the first brokers to offer FloodFlash to its clients, meaning cover is now available for businesses which previously may have been unable to obtain insurance, to protect their assets and revenue from the risk of flooding.
FloodFlash co-founder Adam Rimmer comments: “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.
“The adoption of new InsurTech products like FloodFlash shows Gallagher’s commitment to bringing innovative cover options to its customers. With this partnership we are better placed to provide cover to the people that need it most.”
James Murray, Branch Director, Leeds, Gallagher: “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 organizations obtain flood insurance in high risk areas.”
FloodFlash is a new type of rapid-payout flood insurance. They use the latest in data modelling and connected technology to provide fast, easy and flexible cover. FloodFlash is a registered coverholder at Lloyd’s of London and is authorised and regulated by the Financial Conduct Authority.
Gallagher is the brand name of Arthur J. Gallagher & Co. (NYSE: AJG) — the global insurance broker, risk management services and consulting firm headquartered in Rolling Meadows, Illinois.
In the UK, Gallagher has more than 5,200 employees specialising in risk management, and insurance solutions, for corporate, commercial and personal customers. Through a regional UK network of customer-focused branches in more than 70 locations, and its specialty London market operations, Gallagher offers tailored insurance programmes and coverage for both UK and international clients.
It is also one of the UK’s leading employee benefit and reward, employee communication and financial planning consultancies and is dedicated to providing local service and support to businesses, backed up by national industry specialism and global reach.
With operations in 48 countries, Gallagher offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
For more information, visit www.ajg.com.
SOURCE: FloodFlash Ltd.Tags: Arthur J. Gallagher, flood, FloodFlash, industry first, InsurTech, parametric insurance, partnership