private flood insurance News

Better Data, Models Expand Private Flood Insurance Opportunities: Actuaries

As Congress considers reauthorization of the National Flood Insurance Program (NFIP), it should take into account specific insurance market, technological advances and other developments in weighing its options, according to the nation’s actuaries. A new report, “National Flood Insurance Program: …

Palomar Specialty Launches Residential Flood Program in California

Palomar Specialty Insurance Co. has launched Flood Guard, a private flood program in California that uses an advanced and granular proprietary rating system. Palomar used catastrophe modeling firm AIR Worldwide’s probabilistic flood model for the United States in its rate …

Coalition Urges Modernization of National Flood Insurance Program

A U.S. flood insurance program that is drowning in billions of dollars in debt can be modernized to bolster its finances while curbing the public’s exposure to flood risks, a national coalition said in a reform proposal unveiled on Wednesday. …

Top Florida Stories of 2016: Florida’s Evolving Flood Market

Before McCarty announced his decision to leave office, he initiated dialogue with the Federal Emergency Management Agency (FEMA) over the National Flood Insurance Program’s rate making. Citing the fact that the flood insurance rates Floridians pay are the highest in …

Private Flood Insurance a Focus for Pennsylvania Insurance Department in 2017

The Pennsylvania Insurance Department has a plan to continue furthering its initiatives within the private flood insurance market in 2017. This comes after the North Central part of the state of Pennsylvania saw flooding in many areas outside of identified …

Coastal American Insurance Rolls Out Private Flood Endorsement in Mississippi

Coastal American Insurance Co. has introduced a combined wind and flood insurance policy for policyholders in Mississippi. The new private flood endorsement is designed to eliminate disputes over concurrent causation, which often arise when storms hit coastal areas coverage according …

Assurant Expands Private Flood Insurance to Texas

Assurant, Inc. has expanded its new private flood insurance to Texas homeowners. Assurant Primary Flood Insurance, introduced in Florida last month, offers structural coverage up to $800,000 and up to $250,000 in contents coverage, at competitive rates that include no …

Don’t Expect Surge of Private Flood Insurance Products: S&P

Opening U.S. flood insurance to private insurers won’t lead to a surge of new market entrants, Standard & Poor’s asserts in a new report. Even if Congress passes legislation to make the change as it is widely expected to do, …

Florida Lawmakers to Industry: We Want YOU to Join State Flood Insurance Market

“We think the time is right for you all to explore the [Florida] flood insurance market.” That was the message Florida Senator Jeff Brandes gave insurance industry attendees at the first ever Florida Flood Insurance Conference on Dec. 9 in …

Why Now Is Time to Privatize Flood Insurance: a Candid Conversation with Hiscox USA CEO Walter

The private insurance industry is ready and anxious to take on flood risk, and politicians should reform the federal program now to take advantage of this interest, according to the U.S. executive of a leading specialty insurer. “I think there …