Most Flood Losses Come Beyond Designated Hazard Areas
A.M. Best TV Interview | April 15, 2018
Flood is one of the most destructive and most common natural disasters, yet the majority of homeowners and businesses do not purchase flood insurance. In fact, it is estimated that less than 20% of homeowners were insured for flood losses from Hurricane Harvey. Further complicating the picture is the future of the National Flood Insurance Program (NFIP) whose overhaul has stalled in Congress.
Kevin Tobin, President and CEO of Marsh Insurance Services Group, spoke with A.M. Best TV at the 2018 Risk and Insurance Management Society's (RIMS) annual conference in San Antonio. He notes that in order to lessen the impact of flooding on consumers and businesses, the industry must combine new flood protection insurance products with advanced data analysis, and ensure the NFIP remains financially stable over time.
Watch the full interview here.