Urban growth, the evolution of coastlines, and catastrophic storms have created major challenges for the flood insurance industry. Geographic areas once considered low-risk are suffering significant damage. Traditional government-backed flood coverages are becoming outdated. And keeping up with the rise in claims is harder than ever.
- Loss costs and rating rules for commercial property: We’ve begun a multistate filing of advisory prospective loss costs and related rating rules to enhance our existing Commercial Property Flood endorsement.
- New commercial flood insurance program launched: We’ve launched our new commercial flood insurance program, which features actuarially sound advisory prospective loss costs and addresses potential coverage gaps that businesses may face.
- Personal flood coverage and territories: We’re planning to introduce a personal flood insurance program in Q4 2017 that will feature a new territory structure and include several coverage options generally not available in the market today.
- FloodAssist®, offered as part of LOCATION®, can help insurers determine a property’s flood zone and find other relevant flood data.
- AIR inland flood models provide insurers with a comprehensive tool for assessing and managing inland flood risk for locations on and off floodplains in the United States and Europe.
- Xactimate® flood-damage estimating module can help claims professionals save time, prevent and catch potential errors, and provide reports the way flood estimators need them.
- ISO’s commercial property program includes a flood coverage endorsement, as well as advisory prospective loss costs and related rating rules that we began filing state by state in Q3 2017.
- ISO’s Building Code Effectiveness Classifications (BCEGS) provide insurers with information about the effectiveness of community building codes, including requirements for flood-resistant construction.
How do you accurately identify and evaluate a property’s flood risk?
Meet the needs of today’s businesses with commercial flood coverage solutions
- The Future of Flood Insurance: Personal Lines
- Worth the Effort: Collecting Secondary Risk Characteristics for Improved Flood Risk Management
- Managing Inland Flood Risk in the Context of the August 2016 Louisiana Flood
- Understanding Loss Results from the AIR Inland Flood Model for the U.S.
For more information, please contact an account executive.