FloodFlash in May: their latest tips, news, and updates
Authored by FloodFlash
It’s the end of May and hurricane season is almost upon us. That means the FloodFlash team is working harder than ever to support you and your clients. As always, the one thing you need to know: there’s still time to source award-winning coverage for your clients before the storms come.
A new program for Dealer Open Lots
We launched a new program specifically for Dealer Open Lots. Stored on large, flat areas of impermeable land, many auto dealer inventories are exposed to flooding and unable to find sufficient coverage from the traditional market.
Designed around dealerships, our new program is designed to support risk managers with the first sensor-enabled parametric flood insurance.
FloodFlash US Commercial Director Rich Coyle says: ‘Certain sectors are underserved by existing flood carriers time and time again. Our new DOL program is designed to support dealerships that have previously struggled to secure limits.’
Our hurricane prediction challenge
To help raise awareness for the worst-predicted hurricane season in recent memory, we launched our Hurricane Prediction Challenge this month. The predictions that turn out to be closest at the end of November stand to win a $250 luxury gift basket.
The average score of FloodFlash partner predictions was 23 tropical cyclones in the Atlantic this hurricane season. As a group you also predicted 11 of these storms would become hurricanes.
This average scoring hides the variation in your predictions though. Amongst you there are some that are very hopeful for the season ahead. Others are braced for the very worst, predicting 8, 9, 10 or more major hurricanes. The highest number of major hurricanes in one season since records began sits at 8 back in 1950. Let’s hope this season doesn’t reach those heights.
On average FloodFlash anticipate more storms (24) and more hurricanes (12) but fewer major hurricanes (5). Interestingly, there was disagreement between CEO Adam Rimmer and Commercial Director Rich Coyle. Adam is anticipating 3 major hurricanes whilst Rich predicts double that number. Rich shared his views in Emerging Risks.
Back at BIBA
Our UK distribution and marketing teams were busy in Manchester at The BIBA Conference. There were giveaways, great conversations, and even a bind at the stand. If you missed us there, don’t worry.
In the news:
May was full of parametric news and the latest flood research. Take a look at some of the highlights below:
A commentary on the recent Houston floods – including the growth in impervious surfaces in the city, reservoir capacity issues, and inadequate infrastructure.States in the Gulf of Mexico are facing more flood risks amidst severe thunderstorms, tornados, and hailstorms.Florida saw a 274% increase in premiums written for its Citizens Property Insurance Corporation in 2023 as private homeowner insurers continue to pull back from danger zones.FloodFlash Commercial Director Rich Coyle shares his expert view on Severe Convective Storms and flooding in The Insurer.Munich Re’s expert take on this year’s active hurricane season. They, like others, anticipate more frequent and more severe storms due to record high sea surface temperatures, and La Nina conditions making it easier for tropical cyclones to develop.Nationwide, the second largest UK mortgage provider, has stopped lending on some properties where there is a high risk of flooding.Flood Re have announced changes to liability and loss limits, as well as change to the annual levy on the insurance industry.Making the UK more resilient to floods: the case for making London a ‘spongy’ city, and Flood Re’s Flood Resilient Garden at the Chelsea Flower Show.Love Lego AND flood resilience? Support the production of the Lego Flood House here.
