Broomfield, CO., March 23, 2021, – Insurtech MGA reThought Insurance (‘reThought’) is offering rate reviews for flood insurance brokers poised to see unspecified rate adjustments from the National Flood Insurance Program (‘NFIP’)’s release of Risk Rating 2.0, the program’s first rate changes in decades.
Scheduled to be implemented on April 1st, the Risk Rating 2.0 methodology operates based on the NFIP’s new modeling approach to rating flood insurance. While it’s been reported that rates will surge in some areas and decrease in others, high-risk flood zones will see rate increases.
“Seventy-seven percent of policies are expected to see an increase, and many of those will be in the old low-risk zones,” said Cory Isaacson, CEO of reThought Insurance. “reThought’s modeling approach, however, assesses more than flood zone and elevation, evaluating over ten thousand data points. Coincidentally, some zones considered high-risk by the NFIP may not be according to our model. reThought’s rates are extremely accurate, which will ultimately make us more competitive.”
To help review the intricacies of the NFIP rollout, reThought is providing resources to better understand the changes ahead of April 1st, including dedicating episodes of reTV, their flood insurance education series, to the update. Hosted by reThought’s Vice President of Operations Cyrena-Marie Arnold, who is also a meteorologist, the show delivers brief, easy-to-follow breakdowns of meteorological events and their implications on flood insurance. Episode seven covers the expected zone increases and decreases, the benefits of private market flood insurance, and features a contribution by Matthew Romano, Vice President of Flood at Monarch E & S Insurance Services.
“With reTV, we are trying to help educate brokers, wholesalers, and capacity providers about the market,” said Arnold. “This is our area of expertise, and we want to share what we know. NFIP 2.0 requires more information to renew than ever before, and since each renewal is like a new submission, now is the best time to shop your policy because with this rule change you need to anyway.”
reThought plans to release another NFIP-focused episode mid-April to review the actual results of the changes, including percentage increases, and the correlations and characteristics of the locations affected.
For brokers interested in getting the most accurate flood quote available, please email reThought at flood@rethoughtinsurance.com
About reThought Insurance
reThought Insurance was founded in 2017 by insurance and insurance technology professionals and is a technology-centric Managing General Agent (MGA) focused on US commercial flood risk. For more information on how reThought has re-imagined flood insurance, please visit www.rethoughtinsurance.com
Media Contact
Cory Isaacson
CEO
reThought Insurance
cory.isaacson@rethoughtinsurance.com
Topics Flood
Was this article valuable?
Here are more articles you may enjoy.
P/C Premium Growth Likely But Profits Delayed Until 2025: Forecast 
What Happened to Reinsurance ‘Class of 2023’? Hard Market Defies Age-Old Patterns. 
Insurers Settle With Hotel in Case of Woman Videotaped in the Shower 
Man Admits to Tracking Drivers, Programming Keys, Stealing and Reselling Vehicles 
