Flooded street with water-damaged buildings. Approximately 80% of the world's catastrophic flooding losses are uninsured. Parametric insurance could provide businesses with another means to protect their investment. (Photo: Sergey/Adobe Stock)

Flood insurance is a vital risk management tool for any business operating in a high-risk area and FloodFlash is giving companies a new option in this coverage market. In October, the company began writing parametric flood insurance policies through brokers in the U.S., following a successful launch in the U.K. earlier this spring.

The company recently named Mark Hara CEO of North America, where he will lead the largest flood insurance market in the world. Hara previously led two insurtech startups — Mylo and BoldPenguin — and has a proven track record in the industry. "I am thrilled and honored to lead FloodFlash in North America and bring their game-changing parametric product to the U.S.," said Hara in a press statement. "FloodFlash insurance will change the flood insurance market in a really positive way, and I can't wait to grow our U.S. team and forge lasting broker partnerships."

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Patricia L. Harman

Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]

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