Not long ago, few thought private flood insurance could work for the U.S. property/casualty insurance sector. That’s changed in recent years, as increased reinsurance capacity and advancements in risk modeling have driven private market growth. Still, Milliman estimates that only 4% of U.S. single-family homes are protected by flood insurance today.
Milliman recently helped Wright National Flood Insurance Services (“Wright Flood”) to create a successful private flood insurance program and address this flood insurance protection gap. Wright Flood wanted to offer a better, more diversified flood insurance product with increased coverage and at more price points in order to protect more communities across the U.S. But to achieve this, Wright Flood faced business challenges such as lacking actuarially sound rates for flood, navigating disparate regulatory environments across states and managing key relationships with partners. To address these needs, Milliman offered a suite of flood insurtech products which enabled Wright Flood to bring its residential flood insurance to an ever-expanding number of states quickly, easily, and affordably, without losing any of the customization or flexibility the company needed.
See how Milliman and Wright Flood Collaborate to Shrink the Flood Insurance Gap
Overview (:60 seconds)
Full Video (5 minutes)
Check out the Milliman Press Release here.