private flood insurance News

The Lowdown: Top Private Flood Carriers, High Tides, Storm Surges & More

In the words of Peter Criss, “I can’t stop the rain” … and where there’s rain, there could be flooding for many more of us than traditional FEMA flood maps indicate. A startling new study from University of Bristol illustrates …

California OKs New Private Flood Insurance Product

California Insurance Commissioner Dave Jones has approved a new private flood insurance product The residential product, which Jones announced the approval of on Tuesday, is provided by American National Property and Casualty Co. The new entry into the private flood …

Startup Neptune Offering Digital Private Flood Product to Agents, Carriers in Nationwide Expansion

A digital startup private flood insurance provider, Neptune Flood, has secured $2 million in seed round funding and has plans to “aggressively expand” nationwide by offering its platform to carriers, agencies and mortgage lenders. Neptune’s Lloyd’s-backed residential product is currently …

Keeping Flood Insurance Above Water: Commentary

With the National Flood Insurance Program (NFIP) currently set to expire on February 8, and many communities still recovering from this summer’s hurricanes, it’s no surprise that the 21st Century Flood Reform Act has passed the House and moved to …

Verisk’s ISO Personal Lines Program Targets $40 Billion Private Flood Insurance Market

Things just got a bit easier for private personal lines insurance carriers wanting to enter the flood insurance market. Through its ISO subsidiary, data analytics firm Verisk has launched a new personal lines flood insurance program that is designed to …

FEMA Expands Flood Reinsurance Program with Private Reinsurers for 2018

The Federal Emergency Management Agency (FEMA) has completed a reinsurance placement with 28 private reinsurers to help the National Flood Insurance Program (NFIP) recover losses it may have to pay in 2018. Expanding on its first private reinsurance placement last …

RMS Comments: What’s Next If Flood Insurance Reform Passes? If It Fails?

Last week, the House of Representatives voted 237-189 to pass the 21st Century Flood Reform Act (H.R. 2874) – a package of seven bills that reauthorizes the National Flood Insurance Program (NFIP) until 2022 and introduces various reforms. The fate …

Hiscox Re Offers Private Label Flood Insurance Endorsement for U.S. Insurers

Bermuda-based reinsurer Hiscox Re, along with insurance linked securities investors (ILS), has launched a flood insurance product for personal lines insurers to sell in the U.S. The turnkey flood insurance product, named FloodXtra, is designed to take advantage of the …

Trump Wants to Halt Government Flood Insurance for New Homes in Flood Zones

President Donald Trump proposed ending federal flood insurance for new homes in areas most at risk of flooding, a change that could curtail new construction in vast parts of Florida, Louisiana and along the Eastern Seaboard. Trump’s plan would radically …

Senate Democrats Delete House-Backed Private Flood Insurance Policy Measure

Not long after the House passed legislation that included a provision to allow private flood insurance policies to satisfy flood coverage requirements, the Senate sidetracked the flood policy measure. The flood insurance policy provision (known as Ross-Castor) was inserted in …