Hiscox, the global specialist insurer headquartered in Bermuda, is to provide capacity for FloodFlash, the first insurance technology company to offer sensor-enabled parametric flood insurance.

Announcing the partnership, FloodFlash said Hiscox is already an active participant in the US flood insurance market, and as a capacity provider for FloodFlash will support the market appetite for parametric as an efficient option for catastrophe covers.

It said Hiscox joins Munich Re, whose parametric expertise Hiscox will complement with market-leading knowledge of launching successful flood products in the US.

Despite the prevalence of flood risk in America, FlashFlood said, it plays host to the largest flood protection gap in the world.

FloodFlash added that it is now available across every state.

In Britain, where the business launched, FloodFlash said it has set records for the fastest property flood claim payout, thanks to the proprietary IoT sensor technology.

In November 2022, the organisation said, it paid one client in full less than four hours after they flooded.

It added that these rapid claims provide a lifeline to businesses that often have no other options for affordable and comprehensive coverage.

FloodFlash head of major accounts and capacity management Richard Coyle said: "We're delighted to bolster our US capacity with a carrier that has such expertise in the US flood market.

“This new partnership with Hiscox represents another key endorsement of the FloodFlash approach and, in addition to Munich Re, we have the ideal carrier team supporting us as a parametric flood insurance provider.

“In response to extraordinary demand since our launch in January, this additional fresh capacity will enable us to continue providing compelling coverage options for distressed businesses that may otherwise be faced with retaining uncomfortable levels of flood risk."

Hiscox London Market's alternative risk underwriter, Tom King, added: "FloodFlash has taken an innovative approach to the challenge of flood under insurance in the US, and we are excited to expand our significant existing US flood footprint through their unique parametric product.

“The combination of innovation and expertise that this partnership represents is one that we believe can go some way to addressing the flood coverage gap that currently exists in the US."