Verisk Expands Offerings to Support Development of Private Flood Insurance Market
January 11 2018 - 10:00AM
YASTEST
Verisk Expands
Offerings to Support Development of Private Flood Insurance
Market
Verisk's ISO
Business Launches New Flood Insurance Program for Personal
Lines
JERSEY CITY, N.J., January 11, 2018 - Verisk
(Nasdaq:VRSK), a leading data analytics provider, has launched a
new personal lines flood insurance program through its ISO business
designed to make flood coverage widely available to homeowners
anywhere in the contiguous United States.
The ISO personal lines flood program enables
insurers to enter the private flood insurance market by offering
broad and flexible coverage options in a template similar to the
standard homeowners policy that's already familiar to most
consumers.
"The floods of recent years have highlighted the
inadequacy or complete lack of coverage for many Americans,
including those who didn't think they were at risk for flooding,"
said Neil Spector, president of ISO.
"This program presents a new opportunity for
insurers to grow their homeowners book by providing robust flood
risk protection to an underserved segment," said Marc Treacy,
managing director of flood at ISO. "Innovative insurers can be at
the forefront of market disruption with a comprehensive property
risk solution that provides needed insurance to new customers and
fresh coverage options for existing customers."
The ISO personal lines flood insurance program
enables broader and more flexible coverage than the National Flood
Insurance Program (NFIP), with wording generally similar to the
standard homeowners policy most consumers know. The ISO program
lets insurers offer coverages and deductibles with options to
include additional living expenses; other structures on the
property such as detached garages, fences, and pools; and damage to
personal property in a belowground area.
The rating manual for ISO's new personal lines
flood program also takes a fresh look at traditional flood
territories. "Through a combination of models developed by AIR
Worldwide and extensive analysis of ISO and NFIP data, ISO has
designed a comprehensive and actuarially sound rating structure
encompassing every address in the lower 48 states," added
Treacy.
ISO began the state-by-state filing process for
its new personal lines flood program in December 2017 and will
continue throughout 2018. The ISO commercial lines flood program
was launched in the summer of 2017.
Through its ISO, AIR Worldwide, and Xactware
businesses, Verisk offers a comprehensive suite of solutions to
support flood insurance programs, including policy programs for
personal and commercial lines, individual risk assessment,
portfolio analysis, and claims estimation.
About Verisk
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving
customers in insurance, natural resources, and financial services.
Using advanced technologies to collect and analyze billions of
records, Verisk draws on unique data assets and deep domain
expertise to provide first-to-market innovations that are
integrated into customer workflows. Verisk offers predictive
analytics and decision support solutions to customers in rating,
underwriting, claims, catastrophe and weather risk, global risk
analytics, natural resources intelligence, economic forecasting,
and many other fields. Around the world, Verisk helps customers
protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk
operates in 30 countries and is a member of Standard & Poor's
S&P 500® Index. In
2017, Forbes magazine named Verisk to its
America's Best Mid-Size Employers list and to its World's Most
Innovative Companies list. Verisk is one of only seven companies to
appear on both lists. For more information, please visit
www.verisk.com.
Contact:
Giuseppe Barone/Erin Bzymek
MWWPR (for Verisk)
201-507-9500
gbarone@mww.com
ebzymek@mww.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Verisk Analytics Inc. via Globenewswire
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