Verisk’s ISO Personal Lines Program Targets $40 Billion Private Flood Insurance Market
In Action Summary
Verisk has launched a new flood insurance program which 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 currently available to the consumers as the National Flood Insurance Program (NFIP).
The program offers a fresh look at the traditional flood territories by means of a rating manual developed by AIR Worldwide and extensive analysis of ISO and NFIP data. The manual is comprehensive and covers every address in the lower 48 states.
In January 2018, the Insurance Services Office introduced a new residential flood insurance support program
Marc Treacy, managing director of flood at ISO has said of the program: “This program presents a new opportunity for insurers to grow their homeowners book by providing robust flood risk protection to an underserved segment and fresh coverage options for existing customers.”