OLDWICK, N.J.--(BUSINESS WIRE)--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.
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