As flooding events escalate in frequency and impact, the conversation about flood insurance becomes urgent. The National Flood Insurance Program (NFIP) has experienced some growth, but the private market is witnessing a decrease, illustrating the complex landscape surrounding flood coverage. With the persisting flood insurance gap in the U.S. remaining in the single digits, attention […]
One common theme emerges as the flood insurance sector evolves: the urgent need for modern technology. While the industry grapples with aging systems, innovative technological advancements are essential to bridging the flood insurance gap and increasing homeowner take-up rates. Technology Is About Empowering Consumers Integrating Geographic Information Systems (GIS), advanced mapping tools, big data analytics, […]
Reinsurance has become a vital component in the flood insurance landscape, influencing both the private sector and the National Flood Insurance Program (NFIP). Recently, the number of private reinsurance carriers backing the NFIP has increased dramatically from 18 in 2024 to 27. This surge is a significant boon as it alleviates some of the underwriting […]
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