Parametric insurance provider FloodFlash, which is known for settling catastrophic property flood claims in record time, is looking to compensate at least the majority of its claimants in the UK this week amid the current floods.
The managing general agent’s projection comes as the Association of British Insurers (ABI) separately offers assurances that the industry is “ready to help and support” policyholders following Storm Henk’s wrath. The British Insurance Brokers’ Association (BIBA), meanwhile, has called for increased flood defence spending, among other things.
In a statement sent to Insurance Business, FloodFlash chief underwriting officer Ian Bartholomew (pictured) said: “This is another large UK flood event, quickly following storm Babet in October.
“Our sensors have been registering flooding in affected areas up and down the country as, again, UK businesses are suffering from the impacts of overflowing rivers. In some cases our sensors have registered flood depths in excess of two metres at client properties.”
Read more: FloodFlash makes new claims record
According to the CUO, of their clients, the worst affected have been those in the sports, leisure, and hospitality industries.
“January can be a challenging time for those sectors without catastrophic flooding,” Bartholomew pointed out on Friday. “As always, we’re working hard to ensure that the data our sensors provides means that the majority, if not all, of our claims will be paid within the next week.”
For BIBA chief executive Graeme Trudgill, being resilient and having appropriate coverage is key.
“Pleased to speak on BBC TV news about the awful floods currently affecting so many households and businesses in the UK and how the insurance community and BIBA members are doing all they can to help,” he said on LinkedIn.
The ABI, aside from highlighting the readiness of the sector, also provided guidance on coping with storm damage. Six recovery steps were outlined here.
“Insurers expect bad weather to strike at any time, and events such as this are exactly what your insurance is for,” ABI general insurance policy adviser Louise Clark declared. “Their priority right now is to help any affected customers recover as quickly as possible.
“If you have been affected by flooding, contact your insurer as soon as you can and they will be able to offer help and advice.”
Flooding impacts, meanwhile, are expected to continue.
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