Better Data, Models Expand Private Flood Insurance Opportunities: Actuaries As Congress considers reauthorization of the National Flood Insurance Program (NFIP), it should take into account specific insurance market, technological advances and other developments in weighing its options, according to the nation’s actuaries. A new report, “National Flood Insurance Program: Challenges and Solutions,” from the 19,000-member American…
Is 2017 the Dawn of a ‘New World’ for Flood Insurance? BY JACQUELYN CONNELLY Although flood insurance is in for a blissfully quiet April with few major NFIP changes, the program is set to expire in just six months. What’s next for flood insurance beyond the short-term reauthorization timeframe? As massive debt continues to loom…
Personal Umbrella Policy Myths—Busted Jorin Johnson of the Superior Insurance Agency in Fargo, North Dakota says one portion of his agency’s customer base doesn’t need to be convinced about the value of extra personal umbrella policy coverage for uninsured and underinsured motorists: attorneys. “It’s ironic, isn’t it?” Johnson asks. “Those people who have actually worked…
What’s Next for Usage-Based Insurance? BY SETH BIRNBAUM The usage-based insurance (UBI) market could be worth $123 billion by 2023—and its consumer base could grow from 15 million to 142 million over the same timeframe, according to Allied Market Research. What was once confined to plug-in dongles from a limited number of carriers will be…