Floodflash is an event-based insurance, and is transparent and objective. We don’t need to send round loss adjusters; you don’t need to read twenty pages of policy to know what’s included and what isn’t. If your trigger depth has been breached, we pay the full amount: normally on the same day.
Event-based or ‘parametric’ insurance similar to FloodFlash has been used successfully for years. Everything from small settlements for farmers in developing nations to $200m policies protecting some of the world’s most critical infrastructure are settled based on simple measurements of events.
With event-based insurance, underwriters are less exposed to the uncertainties around how catastrophes translate to financial losses. This is why the premiums they need to charge are not as high as with a traditional policy.