U.S. Flood Insurance Market Review. Top 10 Flood Insurers
The U.S. flood insurance market had grown 24% – from $3.3 bn in direct premiums written to $4.1 bn between 2016 and 2022
Flood insurance
Flood insurance provides financial protection against losses resulting from flooding. It covers damage to property and belongings caused by excessive water from storms, heavy rain, or other sources. Typically, this insurance includes coverage for both structural damage and personal property within a home. It is particularly important for those living in flood-prone areas or regions with high water risk.
Unlike standard homeowner’s insurance, which often excludes flood damage, flood insurance specifically addresses these risks. Policies are often purchased through the National Flood Insurance Program (NFIP) in the U.S., though private insurers may also offer coverage. The goal of flood insurance is to help individuals and businesses recover more quickly after a flood, minimizing financial hardship and aiding in the rebuilding process.
Insurers Poorly Prepared for the Increased Losses by Catastrophe & Flooding
Re/Insurers poorly prepared for the increased loss frequency and intensity wrought by flooding and climate change as this year’s North Atlantic hurricane season
Flood Risk is Insurable. How Does Insurance Industry Can Close the Protection Gap?
Floods affect more people across the globe than any other natural disaster. The deadly floods within year were a tragic reminder of the increasing threat
Private Flood Insurance in California Accounts for over 40% of Entire Flood Market
As private flood insurance accounts for over 40% of California’s entire flood market—a significantly larger share than in the other leading states—the ongoing flooding issues
Natural & Man-Made Catastrophe Loss Outlook: Insurance Covered only 43%
Natural and man-made disasters resulted in global economic losses of $280 bn. Insurance covered $119 bn economic losses
Re/Insurers’ Role in Building Flood Resilience & Close Protection Gap
Today risk assessors use a wide set of tools ranging from sophisticated flood hazard maps to fully probabilistic risk models, but more can be done
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