The December Issue of Best's Review Examines the Challenges of Selling Private Flood Insurance | Financial Buzz

The December Issue of Best’s Review Examines the Challenges of Selling Private Flood Insurance

The December
issue of Best’s Review features “Opening
the Floodgates,” which discusses how the federal government
has been encouraging private insurers to provide flood coverage as it
seeks to reduce its own role in this market. Shifting coverage from the
federal government into the private market has its challenges, such as a
lack of data to be able to reflect true risk in premium rates. Advances
in models and other tools may help give insurers more of the information
they need to expand their reach into the flood market.

“This change opens the private flood market and provides customers with
a choice of government or private flood insurance and will give them
more choices to protect their homes and businesses,” said Don Griffin,
vice president of policy, research and international for the Property
Casualty Insurers Association. “More options in the marketplace will be
part of the solution to address the major uninsured challenge we face as
a nation.”

Residential and commercial property damages were not the only losses
caused by recent hurricanes—yachts were also a big loss. “Rough
Seas” examines the marine market in London and how these large
losses, combined with excess capacity and declining rates, are putting
pressure on marine insurers to improve performance in 2019 or face being
put into runoff. This issue also includes Best’s Rankings of the top
U.S. writers of inland
marine and marine
insurance.

Full access to all content of Best’s Review is available at www.bestreview.com.

A.M. Best is a trusted source of insurance market insight and data,
and the only global credit rating agency with a unique focus on the
insurance industry. Best’s Credit Ratings are a recognized indicator of
insurer financial strength and creditworthiness. Visit www.ambest.com
for more information.

Copyright © 2018 by A.M. Best Company, Inc. ALL RIGHTS
RESERVED.

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