The privatization of the flood market presents a unique growth opportunity for insurers willing to get their feet wet.
Building a profitable private flood insurance program major challenges. One-stop access to enhanced data analytics and underwriting information from Verisk can help you compete in this environment.
Why should carriers expand and/or enter into the private flood market?
Marc Treacy, managing director of flood, ISO, explains how carriers can capitalize on the privatization of flood insurance in the US.
Flood insurance solutions for personal and commercial properties
Develop and enhance your program with actuarially sound rating information and coverage for homeowners and businesses of all sizes.
Location-specific Risk Data
WaterLine™ is a risk selection and assessment tool that helps underwriters by scoring individual properties on hazards including river flooding, surface water, and storm surge.
FloodAssist® reports help identify properties in FEMA flood zones and our Building Code Effectiveness Classifications help underwriters distinguish between communities with strong and weak code enforcement.
Leverage comprehensive tools to assess and manage inland flood risk for locations on and off floodplains.
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Save time, prevent and catch potential errors, obtain reports in usable form, and produce faster, better claim estimates.
Taking a comprehensive view of flood risk
Assess flood risk with WaterLine, Verisk’s flood hazard score, which goes beyond traditional property-level risk characteristics.
WaterLine provides an accurate assessment of location-level flood hazard for insurers, with scores available on every location in the contiguous United States.
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Flood risk insights from Verisk
The evolution of catastrophe risk models is among the most significant developments in the insurance industry over the last 30 years.
The insurance industry has been largely content to let coverage flow through the government’s National Flood Insurance Program (NFIP), with limited availability in the private market, especially for personal property. But that needs to change.
The spread of flooding where it hasn’t occurred before compounds a chronic problem in the United States: Most U.S. homeowners have either too little flood insurance or—for the majority—none at all.