Stronger flood insurance mandates may be on the horizon in the United States as FEMA prepares to adjust their flood risk assessment system. A reason to be hopeful: “Technology is changing the way the insurance industry understands and measures risk” to allow risk and insurance professionals to properly analyze and communicate these changes internally with stakeholders and externally with clients.
More than 20% of flood claims come from outside of FEMA’s flood zones. While much of the data for improved flood data exists, the large flood insurance coverage gap has...
FEMA officially announced Risk Rating 2.0 last Thursday as a change to the National Flood Insurance Program’s risk rating methodology, affecting new policies beginning...