AAIS, Munich Re to help close flood insurance gap
National not-for-profit insurance advisory organization AAIS announced a new partnership with Munich Re that will focus on improving flood insurance for U.S. homeowners.
As the risk of flood continues to rise in the U.S., so too does the flood insurance gap, particularly among homeowners outside major flood zones. With the market dominated by the National Flood Insurance Program (NFIP), a strong private insurance market has yet to develop. This creates an opportunity for insurers who would be interested in covering the flood peril.
“Historically, homeowners in low to moderate risk areas have gone unprotected against flood. We are thrilled to work with AAIS on the development of inland flood coverage that can offer insurance carriers and their customers a way to help protect against the losses associated with this risk.” – Serena Garrahan, Flood Product Manager at Munich Reinsurance America.
“Munich Re brings tremendous flood insight and pricing data to our product development efforts. Addressing flood coverage for homeowners is a key first step in a larger flood strategy for AAIS.”- John Kadous, Vice President of Personal Lines & Auto and Head of Product Strategy at AAIS.