Nice to see recognition for the FloodFlash approach
Over the past few weeks I've been taking in Ian Smith's series in the Financial Times on how climate change is impacting insurance. It was cool to wake up to this morning's edition to see that it includes FloodFlash, and the story of a valued customer in New Orleans. This customer is actually pretty typical of the type FloodFlash wins in the US: 1. Too difficult/high risk for the traditional private market 2. Too big for the national flood insurance program 3. In a sector, hospitality in this case, that is heavily dependent on its physical location Personally, the fact that 80% of global flood losses go uninsured highlights to me the inadequacies of the current market set-up. Incremental improvements won't suffice as the climate evolves; what's needed is a paradigm shift. Parametric insurance products like FloodFlash's are reduce underwriting uncertainty and claims costs to a level where they can extend coverage to those, like the client in this story, currently left unprotected. This shift towards parametric insurance is necessary to building a more resilient world. https://lnkd.in/eTG9wsAD