North Carolina Rate Bureau Selects Verisk to Help Develop New Flood Insurance Program
Consumer-Friendly ISO Forms Offer New Options for At-Risk Homeowners
JERSEY CITY, N.J., September 23, 2019 — Verisk (Nasdaq:VRSK), a leading data analytics provider, has been selected by the North Carolina Rate Bureau (NCRB) to help develop a new program aimed at protecting homeowners from losses suffered due to the damaging effects of flooding.
Verisk was selected because its ISO business has been a leader in providing broad, flexible, and court-tested policy language. The new program’s forms closely align with language ISO has already filed in numerous states as part of its multistate flood program, and they track with standard homeowners policy language in a way that facilitates individual insurers offering coverage beyond the National Flood Insurance Program (NFIP).
“Major storms in the past few years have highlighted the need for an expanded flood insurance market in North Carolina,” said Ray Evans, NCRB’s general manager. “By assisting with policy language, Verisk has played a key role in helping us make critical flood insurance available to more of the state’s population.”
“Our policy forms are consumer-friendly with language generally similar to the standard homeowners policy most consumers know,” said Marc Treacy, managing director of flood insurance at Verisk. “The NCRB’s new program will feature coverages that homeowners can understand and embrace.”
ISO constantly tracks insurance legislation and court cases and updates its vast library of policy language, ratings, and rules to cover the latest risks. These programs constitute a range of core services that help regulators make sure policies meet basic coverage expectations, simplify claim settlements, and assist insurers in entering new markets and lines of business. To learn more about our flood insurance options, visit www.verisk.com/floodinsurance.
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, 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 2018, Forbes magazine named Verisk to its World's Best Employers list. For more information, please visit www.verisk.com.
Edelman (for Verisk)