Flood Insurance Solutions

Flood Insurance
Solutions

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 Traditional government-backed flood coverages are becoming outdated.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: We’ve begun a multistate filing of advisory prospective loss costs and related rating rules to enhance our existing Commercial Property Flood endorsement.
New commercial flood insurance program launched: We’ve launched our new commercial flood insurance program, which features actuarially sound advisory prospective loss costs and addresses potential coverage gaps that businesses may face.
Personal flood coverage and territories: We’re planning to introduce a personal flood insurance program in Q4 2017 that will feature a new territory structure and include several coverage options generally not available in the market today.

Products

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, as well as advisory prospective loss costs and related rating rules that we began filing state by state in Q3 2017.
ISO’s Building Code Effectiveness Classifications (BCEGS) provide insurers with information about the effectiveness of community building codes, including requirements for flood-resistant construction.