Insurtech Insights’ Post

1. Flood vs. Wind - we lived it after Katrina. It is a hard lesson. The only silver lining is that it may educate the public that everywhere is a "flood zone", even well above sea level. 2. Florida Citizens should not be offering their coverage at below market pricing. It is politically advantageous, but the tax payers lose when the actuarial numbers do not work and they are on the hook for the deficit. 3. The reporting also says total damage will be less than Ian and that a larger percentage will be flood related. So for a long-term outlook on property insurance pricing we will need to revisit that once the dust clears and see how much made it to reinsurance. I limited reinsurance hit would help the market maintain the positive trajectory that it has had the last couple of quarters and keep us moving toward a softening market. #insurance #propertyinsurance #coastalproperty

With upcoming spring and summer storms upon us, it’s important to safeguard your property against potential flood damage. Here are 3 ways flood insurance protects you: Financial Security: Flood insurance covers repair or replacement costs for structural damage, as well as personal property losses, helping you recover financially after a flood. 💰🛠️ Peace of Mind: Whether it's heavy spring rains or a sudden storm surge, you can rest assured that you have coverage in place to mitigate any damages. 🌧️☔ Recovery Assistance: Flood insurance often includes coverage for additional living expenses incurred while your home is uninhabitable, such as temporary housing or rental costs. 🏠 Contact us today to learn more about flood insurance options tailored to your needs. #FloodInsurance #MichiganInsurance #HomeownersInsurance

Ahead of the 2024 Atlantic hurricane season, FloodFlash, the first insurance technology company to offer sensor-enabled parametric flood insurance, is launching a product to support business interruption (BI) coverage in the United States. With a widely predicted hyperactive hurricane season, many experts anticipate huge losses from property damage and BI that could devastate businesses and communities for months on end. Flood BI has been created because many businesses and public entities cannot get BI coverage. It isn’t included under National Flood Insurance Program (NFIP) policies and private carriers rarely offer standalone BI. FloodFlash US Commercial Director Richard Coyle said: “Flooding causes billions of dollars in losses across the US every year yet only 20% of those losses are covered by insurance – and a massive part of that uninsured loss comes from business interruption. The BI options on the market are too few and offered too rarely. https://lnkd.in/e87FsiaC #embeddedinsurance #openinsurance #insurtech #productlaunch #insurance

Hurricane Helene: Insights for the Insurance Industry Hurricane Helene is prompting concerns about U.S. insurance coverage gaps. Initial estimates suggest insured losses of $10 billion or less, a significant but not top 10 costliest U.S. hurricane for insurers. However, the "protection gap" could be substantial, with economic losses estimated at $20 billion to $34 billion. Limited penetration of flood insurance products and exclusions in wind policies contribute to this gap. Despite the potential impact, the reinsurance market is expected to remain stable. The S&P Composite 1500 reinsurance group has seen a slight increase, while property-and-casualty insurers have experienced a decline. Insurers should evaluate coverage offerings and address gaps to better protect clients in the face of natural disasters. #RiskManagement

🌧️ Flood Insurance Matters! 🌪️ Flooding isn't just for coastal areas—storms can cause severe damage anywhere. Chubb’s latest real-life claims stories highlight the importance of comprehensive flood insurance. 🔹 Example 1: A storm caused river overflow, flooding a home and damaging valuables. Chubb’s quick response covered the damage. 💰 Claim payment: $227K 🔹 Example 2: A hurricane flooded a home, causing extensive damage. Chubb provided prompt support for repairs. 💰 Claim payment: $300K Read our latest blog post to learn more about how comprehensive flood insurance can protect your home. Visit BCU Risk Advisors to read the full stories and ensure you're covered! https://lnkd.in/gG5QQdNM #Insurance #FloodInsurance #BCURiskAdvisors #HomeProtection #Chubb

🌧️ Flood Insurance Matters! 🌪️ Flooding isn't just for coastal areas—storms can cause severe damage anywhere. Chubb’s latest real-life claims stories highlight the importance of comprehensive flood insurance. 🔹 Example 1: A storm caused river overflow, flooding a home and damaging valuables. Chubb’s quick response covered the damage. 💰 Claim payment: $227K 🔹 Example 2: A hurricane flooded a home, causing extensive damage. Chubb provided prompt support for repairs. 💰 Claim payment: $300K Read our latest blog post to learn more about how comprehensive flood insurance can protect your home. Visit BCU Risk Advisors to read the full stories and ensure you're covered! https://lnkd.in/gVQPcxXN #Insurance #FloodInsurance #BCURiskAdvisors #HomeProtection #Chubb

🌧️ Flood Insurance Matters! 🌪️ Flooding isn't just for coastal areas—storms can cause severe damage anywhere. Chubb’s latest real-life claims stories highlight the importance of comprehensive flood insurance. 🔹 Example 1: A storm caused river overflow, flooding a home and damaging valuables. Chubb’s quick response covered the damage. 💰 Claim payment: $227K 🔹 Example 2: A hurricane flooded a home, causing extensive damage. Chubb provided prompt support for repairs. 💰 Claim payment: $300K Read our latest blog post to learn more about how comprehensive flood insurance can protect your home. Visit BCU Risk Advisors to read the full stories and ensure you're covered! https://lnkd.in/gttcjtgJ #Insurance #FloodInsurance #BCURiskAdvisors #HomeProtection #Chubb

Amy Boggs gave an absolutely fantastic webinar today on an issue affecting many of us in Florida right now: Property Insurance 101: Hurricane Claims in the Wake of Helene & Milton. Key takeaways that every property owner should know: Critical timing requirements for flood insurance claims - deadlines matter more than you might think. Strategic insights on navigating FEMA assistance effectively. Practical guidance for hurricane damage documentation and claims. Thank you Amy Boggs for breaking down these complex processes into actionable steps. For anyone managing hurricane-related claims or preparing for future storms, understanding these fundamentals is absolutely crucial. #PropertyInsurance #DisasterPreparedness #Insurance #RiskManagement #FEMA #StPeteBar

🌧️ Flood Insurance Matters! 🌪️ Flooding isn't just for coastal areas—storms can cause severe damage anywhere. Chubb’s latest real-life claims stories highlight the importance of comprehensive flood insurance. 🔹 Example 1: A storm caused river overflow, flooding a home and damaging valuables. Chubb’s quick response covered the damage. 💰 Claim payment: $227K 🔹 Example 2: A hurricane flooded a home, causing extensive damage. Chubb provided prompt support for repairs. 💰 Claim payment: $300K Read our latest blog post to learn more about how comprehensive flood insurance can protect your home. Visit BCU Risk Advisors to read the full stories and ensure you're covered! https://lnkd.in/gphWfd8N #Insurance #FloodInsurance #BCURiskAdvisors #HomeProtection #Chubb

Did You Know?  While Florida doesn’t require you to have flood insurance, deciding whether to get coverage is all about the level of risk you're willing to take.  Flooding can cause significant damage, and with hurricane season in full swing, it's more important than ever to be prepared. Imagine just one inch of floodwater causing thousands of dollars in damage to your home.  Flood insurance can help you avoid that financial burden and provide peace of mind knowing you're protected. Now is a great time to explore your flood insurance options and ensure your home is covered. Contact us today to learn more about flood insurance and find the coverage that’s right for you.  #FloodInsurance #HurricaneSeason #ProtectYourHome #FloridaInsurance #InsuranceExperts #PeaceOfMind #RiskManagement #HomeProtection #InsuranceOptions #StayCovered #InsuranceTeam #BePrepared