FloodFlash enters US homeowners market

By Henry Gale

June 17 - (The Insurer) - Parametric MGA FloodFlash recently sold its first homeowners insurance policy in the U.S., co-founder and CEO Adam Rimmer said in a LinkedIn post on Monday.

FloodFlash's parametric coverage, which uses on-site sensors to measure flood depth and trigger payouts, was previously only available for commercial properties.

"This parametric flood option is targeted at high-value homes in higher risk areas, to protect property that traditional markets can't/won't, and that need more coverage than the $250,000 available for the National Flood Insurance Program," Rimmer said.

He added that the coverage is available in 48 states, underwritten by NormanMax Insurance Holdings at Lloyd's. NormanMax, which launched Syndicate 3939 last year, acquired FloodFlash in April.