A.M. BestTV: Florida Insurers Aim to Lessen Flood Risk

OLDWICK, N.J.--()--In this A.M.BestTV episode, attendees at the FAIR Foundation annual industry conference in St. Petersburg, FL, are bracing for changes to the National Flood Insurance Program (NFIP), but a burgeoning private market for flood insurance should help homeowners and businesses. Click on http://www.ambest.com/v.asp?v=fair1517 to view the entire program.

The theme of this year’s conference is education, mitigation and protection.

“People need to be educated about the benefits of mitigation, especially in my area of Miami,” said Robert Reynolds, president & chief executive officer Morris & Reynolds Insurance. “Mitigation can be a long-term benefit if you own property, since you are investing to protect it. Consequentially, education is the key.”

One of the hot topics at FAIR was the future of the NFIP, and A.M. Best Senior Director Dan Ryan addressed that issue.

“The pricing on the program is not necessarily actuarially based; however, a lot of the pricing will be coming back with some of the reforms that have taken place over the last two years,” he said. Ryan also said that, “with the 2014 reform act some rate increases, which are needed, are going to cap at 16%-18% year-over-year.”

For full video coverage of the FAIR conference, including exclusive executive interviews, visit http://www.ambest.tv/fair17.

Other people that appear in this episode:

  • Jay Neal, president & chief executive officer, Florida Association for Insurance Reform;
  • Jeff Brandes, senator, Florida State Senate;
  • Kelli Hammer Levy, environmental management division director, Pinellas County, Florida; and
  • Patrick Murphy, former representative, District 18, Florida.

Recent episodes of A.M.BestTV include:

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  • U.S. Insurers Scale Back Hedge Fund Investments, Say A.M. Best Analysts: A.M. Best Senior Industry Analyst Jason Hopper and Associate Analyst Dan Heitlinger discuss a special report that shows how insurers are scaling back their exposure to hedge funds: http://www.ambest.com/v.asp?v=hedgefunds517.
  • Risk, Not Rules, Becoming Driver of Asian Regulation, Says Megrow Pte Managing Director: Reto Brosi, managing director, Megrow Pte Ltd., explores issues surrounding the move toward risk-based capital regulatory structures in Asian countries such as Singapore, the Philippines, Thailand and China: http://www.ambest.com/v.asp?v=brosi517.
  • Inland Marine Sector Looks to Training, Digital, Automation and Fresh Workforce: At the Inland Marine Underwriters Association Conference leaders in the sector said they are expecting a new wave of younger workers, advancing technology and a greater reliance on automation and artificial intelligence, which will remake the industry: http://www.ambest.com/v.asp?v=imua2517nc.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2017 by A.M. Best Company, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Lee McDonald, +1-908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com

Contacts

A.M. Best
Lee McDonald, +1-908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com