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Private flood insurance is a promising market—if you are equipped with the right insights. Milliman has the data, tools, and expertise to help insurers navigate this evolving market.
Climate change, development, and aging infrastructure are increasing flood risk nationwide, on the coasts and off, and consumers are noticing. Until recently, many carriers considered flood risk uninsurable—but Milliman is changing that. Our unique expertise, vast data resources, and advanced modeling techniques open new frontiers in private flood insurance and can help you meet the growing consumer demand.
Milliman can meet you wherever you are, and help you address the full product lifecycle for flood insurance, including:
Improve underwriting, gain risk management insights, and identify new market opportunities with accurate, up-to-date Milliman GIS data. Choose from preconfigured or custom datasets accessible via batch lookups, bulk delivery, and API.
Add relevant geographic rating insights to your system at the point of decision.
Get a balanced, accurate view of any market. Our actuarial and geographic information system (GIS) experts have assembled rich data tailored to the needs of property insurers.
Concurrent with recent flood insurance modeling and data availability developments, our consultants provide sophisticated flood product solutions for private insurers.
Quickly and cost-effectively build a profitable flood business with a complete flood insurance rating solution.
We employ competitive analysis to support pricing and profitability decisions. Our team has performed in-depth statutory research and feasibility studies for insurers and reinsurers considering entering the flood insurance market. Our experts are experienced in assessing and navigating the regulatory landscape. For admitted carriers, the ability to manage a profitable flood insurance program depends on state regulation, which varies widely and is changing rapidly.
Identify the flood approach that fits your business needs with our comprehensive, affordable Flood Fast Start analysis. Leverage solutions delivering the in-depth insights to help you plan your data-driven private flood strategy, including:
Access pre-filed flood products through Milliman Appleseed, helping you get your custom product out into the market faster, cheaper, and with less regulatory risk.
Amid news of large insurers leaving homeowners’ markets across the country, what must be done to address both the long-term climate crisis—and the immediate impact on consumers, businesses, and financial markets?
Milliman, Inc. (“Milliman”), the premier global consulting and actuarial firm, today announced that Millennial Specialty Insurance, LLC (“MSI”), an indirect subsidiary of BRP Group, Inc. (NASDAQ: BRP),…
Rebuild by Design, an organization that helps communities build resilience, collaborated with Milliman to estimate how future coastal flooding in New York City could cause displacement of residents.
Recent floods in major cities around Southeast Asia and other parts of the world have reopened the conversation on flood coverage in insurance products and the means by which they will be financed.
As P&C insurers face a greater number of natural disasters with a warming planet, catastrophic models can help the industry better understand climate risk.
A new pricing approach called Risk Rating 2.0 harnesses catastrophe models to help better understand flood risk.
The U.S. residential real estate market likely has not fully accounted for the financial costs of flooding, with few homeowners having flood insurance.
Utilizing available data, Milliman has developed a take-up rate model that can help private insurers better understand how to test their products, acquire new business, and grow their written premium.
Nancy Watkins speaks with Jim Albert about flood insurance’s coverage gap, the adversarial position of the insurance industry, the wind-water conflict in claims, and climate change.
How are leading investors factoring market-level climate risk into decision-making?
The visibility of climate’s impact on property hazard is increasingly leading individuals and their chosen leaders to ask: how might an increase in hazard affect the desirability of living in various communities, and…
This report provides estimates of the insured and uninsured flood exposure of single-family residences in the contiguous United States from both storm surge and inland flooding.
In recent years, the private flood sector has grown rapidly and will likely continue to grow until the new market significantly closes the U.S. flood “protection gap.”
This episode of Critical Point discusses the future of flood insurance and what protecting a home from flood might look like a few decades from now.