But slowly, the hurdles to private sector involvement are starting to clear, through the combined efforts of the industry, FEMA, and even private citizens. It will be an exciting time for private insurers and Americans if the new flood reform bill, H.R. 2874 passes through the Senate, as measures in the bill include increased acceptance of private flood insurance by mortgage providers, easing of fixed claims limits, and open source access to FEMA’s extensive claims database.
The bill even attempts to open up the creation and definition of FEMA flood zones — a key determinate in whether an area falls under the NFIP or not, to local government and communities. This could encourage communities to assess the flood risk in their area and take action, to propose mitigation activities that will reduce the impact of flood for a community.
The potential of more data being released by FEMA is exciting too, as is the promise of modeling which will give insurers the granular, detailed insight that they need to move forward in the private flood market.
When it comes to flood, there is just so much to talk about. To discuss what this shift in the flood market could mean for insurers down to policyholder level, the impact of events such as Hurricane Harvey and the Houston floods, through to modeling developments and changes in legislation, Property Casualty 360 will be hosting #PC360Flood , a“Flood Insurance Live” Twitter chat thisWednesday, March 14from 1 pm to 2 pm Eastern Time (ET).
There will be an esteemed panel of experts who will be ready to answer your flood insurance related questions, including:
Joshua Woodbury, Flood Specialist at Swiss Re @SwissRe
Devonne works as a Public Relations Manager for the Americas, responsible for ensuring communications about RMS research, solutions and services reach target audiences and stakeholders across the Americas and the Caribbean.
She is based at the RMS office in Hoboken and has a background in business-to-business communications for the insurance and financial, real estate, and technology sectors. Devonne holds a bachelor’s degree in American Studies from George Washington University.