FloodFlash Raises $15.0M

FloodFlash, an insurance technology company specializing in parametric flood cover, has secured $15.0 million in new investment.

This funding round marks a significant milestone for the London-headquartered firm, which aims to address the substantial global gap in flood insurance coverage.

The company tackles a critical issue: 80% of the world’s catastrophic flood losses, amounting to $58 billion annually, remain uninsured.

This figure is exacerbated by climate change, population growth, and urbanization.

FloodFlash combines computer models, cloud software, and internet-of-things (IoT) sensors to offer flood insurance to individuals and businesses previously unable to obtain cover.

Their innovative approach allows customers to choose a specific flood depth and a corresponding payout.

When a smart sensor installed at their property detects water at the chosen depth, the claim is paid in full, providing a simple and transparent solution.

Since its launch in 2019, FloodFlash has established itself at the forefront of the global parametric insurance movement.

The company's smart cover has protected thousands of properties and earned over 30 industry awards for its straightforward and accessible insurance products.

Founded by catastrophe risk experts Adam Rimmer and Dr.

Ian Bartholomew, FloodFlash operates as a registered coverholder at Lloyd’s of London and is authorized and regulated by the Financial Conduct Authority.

This latest capital infusion will be instrumental in accelerating FloodFlash's strategic growth initiatives.

The company plans to deploy the funds to scale its operations, enhance its technological capabilities, and expand its market presence to reach more underserved communities globally.

The investment underscores confidence in FloodFlash's model and its potential to transform the flood insurance landscape.

With this funding, FloodFlash is well-positioned to continue its expansion, bringing its innovative parametric flood insurance to a broader market and further closing the global flood protection gap.