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 Traditional government-backed flood coverages are becoming outdated.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.

What’s New

  • 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.