Urban growth, the evolution of coastlines, and catastrophic storms have created major challenges for the flood insurance industry. Geographic areas once considered low-risk are suffering significant damage. Traditional government-backed flood coverages are becoming outdated. And keeping up with the rise in claims is harder than ever.
- Loss costs and rating rules for commercial property: ISO is currently developing loss costs and related rating rules for its existing Commercial Property Flood endorsement. The rating information will be filed on a state-by-state basis beginning in Q3 2017.
- Commercial flood line of business: ISO’s new commercial flood line of business, being filed state by state (also in Q3 2017), features a stand-alone policy form, including property and optional time-element coverage as well as related rules, loss costs, and rating information.
- Personal flood coverage and territories: ISO’s new personal flood insurance program, being filed state by state in Q4 2017, will feature forms, rules, loss costs, and rating information with a new territory structure.
- FloodAssist®, offered as part of LOCATION®, can help insurers determine a property’s flood zone and find other relevant flood data.
- AIR inland flood models provide insurers with a comprehensive tool for assessing and managing inland flood risk for locations on and off floodplains in the United States and Europe.
- Xactimate® flood-damage estimating module can help claims professionals save time, prevent and catch potential errors, and provide reports the way flood estimators need them.
- ISO’s commercial property program includes a flood coverage endorsement that insurers can use to write coverage from first dollar or excess of another policy.
- ISO’s Building Code Effectiveness Classifications (BCEGS) provide insurers with information about the effectiveness of community building codes, including requirements for flood-resistant construction.
- The Future of Flood Insurance: Personal Lines
- Worth the Effort: Collecting Secondary Risk Characteristics for Improved Flood Risk Management
- Managing Inland Flood Risk in the Context of the August 2016 Louisiana Flood
- Understanding Loss Results from the AIR Inland Flood Model for the U.S.
For more information, please contact an account executive.