Not long ago, private flood insurance was thought to be an impossible dream in the property/casualty sector. There were numerous arguments supporting the common wisdom that a meaningful market for residential flood coverage from admitted private insurers would never exist. …
Insurer Chubb announced that Louis Hobson has joined the company as senior vice president of Flood Insurance for its North America operations. In this new role, Hobson will work in conjunction with Chubb’s personal and commercial lines of business, and …
Wright National Flood Insurance Services, LLC (WNFIS) and Zurich North America have introduced Zurich Residential Private Flood Insurance program. This stand-alone admitted product launched exclusively in Florida on September 3, with plans to expand the coverage to 11 additional states …
The National Flood Insurance Program (NFIP) was originally created by Congress to transfer U.S. flood insurance risk to private insurers. However, in 1978, (when private insurance carriers assumed over 40 percent of the nation’s flood insurance risk), NFIP administrators used …
It has been a long-held insurance axiom that flood is not considered an insurable peril due to its potentially catastrophic nature. Here is what the report, “Affordability of National Flood Insurance Program Premiums: Report 1” (National Research Council, 2015) says …
Flood insurance company Neptune Flood has partnered with online Hippo Insurance to provide consumers with quick access to flood insurance as part of purchasing of home insurance. Hippo promises quick processing and modernized home insurance coverage at a savings. It …
The flood insurance protection gap in the United States is massive, but the take-up rate of private flood insurance continues to be low. The relative inability of private insurers to penetrate the flood insurance market has been blamed on the …
Specialty insurance broker AmWINS Group has agreed to acquire The Flood Insurance Agency, a Florida-based managing general agency that specializes in private market flood insurance. Scott M. Purviance, chief executive officer of AmWINS Group, said the addition of The Flood …
It might be time for carriers and agents to encourage their clients to buy flood coverage even if they’re not living and working inside a flood zone. Such an action is long overdue, according to insurance commissioners from Florida, South …
Data analytics firm Verisk is touting the launch of WaterLine, an underwriting tool that scores flood risk for all properties in the contiguous United States, helping identify homes and businesses vulnerable to flood. The product scores properties on a 0-to-100 …
