Verisk Expands Offerings to Support Development of Private Flood Insurance Market
Verisk’s ISO Business Launches New Flood Insurance Program for Personal Lines
JERSEY CITY, N.J., January 11, 2018 — Verisk (Nasdaq:VRSK), a leading data analytics provider, has launched a new personal lines flood insurance program through its ISO business designed to make flood coverage widely available to homeowners anywhere in the contiguous United States.
The ISO personal lines flood program enables insurers to enter the private flood insurance market by offering broad and flexible coverage options in a template similar to the standard homeowners policy that’s already familiar to most consumers.
“The floods of recent years have highlighted the inadequacy or complete lack of coverage for many Americans, including those who didn’t think they were at risk for flooding,” said Neil Spector, president of ISO.
“This program presents a new opportunity for insurers to grow their homeowners book by providing robust flood risk protection to an underserved segment,” said Marc Treacy, managing director of flood at ISO. “Innovative insurers can be at the forefront of market disruption with a comprehensive property risk solution that provides needed insurance to new customers and fresh coverage options for existing customers.”
The ISO personal lines flood insurance program enables broader and more flexible coverage than the National Flood Insurance Program (NFIP), with wording generally similar to the standard homeowners policy most consumers know. The ISO program lets insurers offer coverages and deductibles with options to include additional living expenses; other structures on the property such as detached garages, fences, and pools; and damage to personal property in a belowground area.
The rating manual for ISO’s new personal lines flood program also takes a fresh look at traditional flood territories. “Through a combination of models developed by AIR Worldwide and extensive analysis of ISO and NFIP data, ISO has designed a comprehensive and actuarially sound rating structure encompassing every address in the lower 48 states,” added Treacy.
ISO began the state-by-state filing process for its new personal lines flood program in December 2017 and will continue throughout 2018. The ISO commercial lines flood program was launched in the summer of 2017.
Through its ISO, AIR Worldwide, and Xactware businesses, Verisk offers a comprehensive suite of solutions to support flood insurance programs, including policy programs for personal and commercial lines, individual risk assessment, portfolio analysis, and claims estimation.
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, natural resources, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500® Index. In 2017, Forbes magazine named Verisk to its America’s Best Mid-Size Employers list and to its World’s Most Innovative Companies list. Verisk is one of only seven companies to appear on both lists. For more information, please visit www.verisk.com.