As climate change and urbanisation continue, finding affordable flood coverage is becoming increasingly difficult. Many insurance and risk managers are left battling increasing premiums, large excesses or underwriters refusing to quote for flood.

In the last few years parametric insurance has emerged as a key weapon in the fight against the flood protection gap. Many experts have found early parametric products wanting though, due to the basis risk inherent in using data from river or tidal gauges, or the unreliable depth of data provided by satellites.

FloodFlash uses IoT sensors attached to the insured property. This award-winning approach combines the accuracy and reliability of tidal and river gauges with the broad view that is achieved using satellite data. What’s more, by attaching the sensor, or a network of sensors, on the insured property – the parametric triggers correlate closely with losses, all but removing basis risk.

Join FloodFlash experts, including Chief Underwriting Officer Dr Ian Bartholomew, as they explore commercial flood risk in Britain and why sensors hold the key to insuring the flood risks other insurers have left behind.