FloodFlash - flood insurance made easy

by Startacus Admin
Flood insurance for all thanks to innovative InsurTech startup FloodFlash

Every year, flooding causes a massive $41 billion of uninsured losses. Sometimes local councils and government will foot the bill, but often small businesses and individuals - those least able to afford it - are left to fend for themselves. This can lead to shutting up shop and maybe moving house. Only, how can you move when no one will buy a house that’s continually flooded? So how do we go about getting better insurance for those at risk?
London-based InsurTech startup FloodFlash is using flexible, event-based insurance to try to put as much of those massive costs as possible back into the hands of those built to take it: insurance firms.
Event-based insurance means that an insurance payout will only be triggered if flooding reaches a certain level. By using event-based insurance, you stand to pay a lower premium, because there is less uncertainty for the underwriters.
The premium is, of course, based on the flood risk, which is determined using things like flood records, terrain data, rainfall records, and other sources. However, the insurance is somewhat flexible. You can further reduce your premium by choosing a lower settlement amount, if you think you wouldn’t need a higher amount to recover after a flood; and if you can build up your own flood defences, you can choose a higher flood level for the payout to trigger at.
The flood level is measured automatically by the sensor - designed by a former Dyson product designer - that is installed at the premises. With this self-contained sensor working automatically, and insurance payouts that usually arrive the same day, insurance is one less thing to worry about in the already-traumatic event of a flood.
Just recently, FloodFlash announced that they have raised £1.9m in seed funding from LocalGlobe, Pentech Ventures and InsurTech Gateway. The latter is the InsurTech incubator currently hosting the startup. With the aforementioned increase in the issue of flooding, insurance created specifically for those affected by the problem is particularly welcome as we approach that hothouse-Earth turning point.
Interested in insurtech? Read our recent articles on:
Wrisk - The InsurTech startup that's on a mission to make macroinsurance our insurance of choice.
Flock - offers on-demand insurance for drone pilots.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Got a business in the manufacturing sector? These tips on how you can reduce energy costs while being more sustainable are well worth a read...

Innovative InsurTech startup SureIn announces a €4M Seed round to further its mission of making insurance easy, transparent and hassle-free for SMBs.

Nassia Skoulikariti, Director of IoT Programmes, Mobile Ecosystem Forum shares some insights on how IoT is having a significant impact on all our lives.

Roger James Hamilton, Founder and CEO of Genius Group, a world-leading entrepreneur Edtech and education group, discusses how introducing a globalized curriculum will help better prepare students.

SuperFi, the debt prevention platform, has announced a $1m pre-seed funding round to support people during the cost of living crisis.

41 startups from 13 countries, including the UK, have been selected for the 8th Kickstart Innovation program, one of Europe’s leading innovation platforms.

Personal training platform Another Round has secured £300k in its latest fundraise, including investment from angels and its community.

Thingtrax Secures £4.3M to Empower Manufacturers to Build the Factories of the Future

A measure of inflation relief for small firms sees transport costs fall but service price increases remain elevated

Bedfordshire-based HR tech startup HR DataHub has built a range of tools for HR departments
Published on: 19th August 2018
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.







- SureIn Secures €4M to Close the SMB Insurance Gap 15th Aug 2023 Innovative InsurTech startup SureIn announces a €4M Seed round to further its mission of making insurance easy, transparent and hassle-free for SMBs.
- SuperFi raises $1M pre-seed funding round 28th Jul 2023 SuperFi, the debt prevention platform, has announced a $1m pre-seed funding round to support people during the cost of living crisis.
- Startups rely on AI & sustainability for new partnerships 27th Jul 2023 41 startups from 13 countries, including the UK, have been selected for the 8th Kickstart Innovation program, one of Europe’s leading innovation platforms.
- Another Round closes £300k Seed round to revolutionise personal training 21st Jul 2023 Personal training platform Another Round has secured £300k in its latest fundraise, including investment from angels and its community.