While FEMA and its NFIP continue to face obstacles with the rollout of the new rating system, private insurers have found an opening to expand their footprint in the flood insurance market.
Tag: private flood insurance
Dramatic Plan to Expand Flood Areas Could Force Millions to Buy Insurance
Aproposal by a federal advisory panel urges the government to expand the areas considered by regulators to be at high risk of flooding, according to a report by the panel that was provided to E&E News.
Private Flood Insurers Seize Opportunities to Grow Market Share
As the federally backed National Flood Insurance Program (NFIP) faces obstacles in the rollout of its new rating program that is generating premium increases for many of its policyholders, the private flood insurance market has benefited by significantly growing its market share across the U.S., according to an issues brief published today by the Insurance Information Institute (Triple-I).
HUD to Allow Private Flood Insurance Options to FHA Mortgages in Special Areas
Beginning December 21, 2022, HUD will allow homeowners with FHA-insured mortgage financing to obtain flood insurance policies from private insurance providers.
Private Flood Insurers Gain Traction, As Fewer Homeowners Opt for Coverage through the NFIP
Only 30% of Florida residents have National Flood Insurance Program coverage while private carriers increased their total flood insurance premiums by more than 40% to surpass the $1 billion mark in 2021.
Incline P&C Group Partners with Wright National Flood Insurance Services
Incline P&C Group, the premier insurance program market services firm, today announced a new partnership with Wright National Flood Insurance Services, LLC, an industry-leading flood insurance provider that offers federal, excess and private flood insurance policies. This partnership will extend Incline P&C Group’s ability to offer flood insurance policies to those located in Texas, North… Continue reading Incline P&C Group Partners with Wright National Flood Insurance Services
Appetite for Flood Risk Among Private Insurers Still Small: AM Best
The U.S flood insurance market is slowly transitioning toward private insurers playing a much needed and more prominent role by providing additional competitive market options for those seeking coverage, according to a new AM Best report. The slow shift toward more private sector involvement comes a time when the federally operated National Flood Insurance Program… Continue reading Appetite for Flood Risk Among Private Insurers Still Small: AM Best
After Northeast Flooding, Insurance Woes Swamp Residents
After being pummeled by two tropical storms that submerged basements, cracked home foundations and destroyed belongings, Northeastern U.S. residents still in the throes of recovery are being hit with another unexpected blow: Thousands of families are now swamped with financial losses because they didn’t have flood insurance. Most of those caught off guard by the… Continue reading After Northeast Flooding, Insurance Woes Swamp Residents
Swiss Re Teams Up with Milliman Appleseed to Accelerate New Entrants Offering Private Flood Insurance
Milliman, Inc., a premier global consulting and actuarial firm, today announced a new flood product available through its open advisory and rating organization, Milliman Appleseed. The new simplified product offering was developed by Swiss Re, a leading global reinsurer, to provide flexible coverage for low and moderate flood risks. Using Milliman Appleseed, a new advisory… Continue reading Swiss Re Teams Up with Milliman Appleseed to Accelerate New Entrants Offering Private Flood Insurance
AXA XL and Neptune Flood Insurance Partner to Expand Private Residential Flood
AXA XL, a division of AXA, and Neptune Flood, the first all-digital flood insurance Program Administrator, have entered a strategic underwriting partnership intent on expanding Neptune Flood Insurance’s capacity to homeowners throughout the US. According to Chris Bressette, Senior Vice President and Head of AXA XL’s North America Program business, “Private Residential Flood Insurance in… Continue reading AXA XL and Neptune Flood Insurance Partner to Expand Private Residential Flood