Private Flood Market Offers Growing Opportunity
Placing You First Insurance Podcast by CRC Group
English - March 09, 2022 15:00 - 16 minutes - 23.2 MB - ★★★★★ - 27 ratingsInvesting Business Technology insurance wholesale specialty business excess & surplus agency broker Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Flooding continues to be the most expensive and the most common natural disaster in the United States, resulting in billions in economic losses every year. According to the National Flood Insurance Program (NFIP), 90% percent of all U.S. natural disasters involve flooding.
In October 2021, the NFIP implemented its Risk Rating 2.0 program, one of the most significant changes from a rate modeling and underwriting standpoint in more than 50 years. In the past, FEMA flood zones and rates were much more generalized. However, the NFIP is striving to implement advanced technology and geocoding to more accurately rate flood risks. While these changes are vital to keeping the NFIP afloat, significant premium increases are coming because many policies have been severely underpriced for years. As the NFIP continues to evolve, retail agents face a prime opportunity to protect clients against the economic impact of flood damage with private insurance options.
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