For decades, flood insurance had been provided exclusively by the National Flood Insurance Program (NFIP); however, that is going through a drastic transition. Since the creation of the Write Your Own (WYO) program in the 1980’s, coupled with the increase in flood risks, there is a growing appetite to transition the market to the private sector, thus creating an emerging market. That means insurers will need the right technology to get in the game.
Santa Barbara, California — January 12, 2021 — Flooding has arguably become one of the most devastating natural disasters, impacting millions of homes and businesses every year. Changing climate and extending flood zones have potentially placed more homes at risk without the knowledge of insurers or policyholders. To meet the increased need for accurate flood coverages, Flow Insurance Services (Flow), a California-based, Lloyds coverholder and program manager, has launched both a private residential and a commercial flood comparative rater, FlowRater, on ClarionDoor.