“Flooding is the most frequent natural disaster in the United States.” Our guest speaker, Marc Treacy, Managing Director-Flood, Verisk, started his presentation at our September chapter meeting with this sobering fact. It is estimated that nearly 41 million people live in areas of elevated risk for flood. Most private carriers have left coverage for this peril to FEMA’s National Flood Insurance Program (NFIP). However, as insurance carriers are finding their growth opportunities in their current marketplace start to dry up from heavy competition and tightening economic conditions, they are looking for new product lines to expand their revenue. Some of them are starting to look at private flood insurance as the next, best source for growth. As Mr. Treacy explained, the structure of that product will determine if it’s actually profitable growth. Factors such as premium potential, risk concentrations, overlap with risk appetite, and the ability to underwrite profitably are necessary to the success of this venture. Flood map technology plays a significant role is identifying areas with the greatest premium potential. “Even within high-exposure areas, there can be pockets of homes at relative lower risk.”
For more information, contact Marc Treacy MTreacy@verisk.com
The Golf Basket Raffle prize winners were announced. This raffle raised over $800 towards our scholarship fund. By random selection, Joe Sisak is our September door prize winner of a $25 gift card.
Next week, the In2Risk conference will be held virtually October 7-9. There is still time to register. Highlights will include a featured presentation by our chapter’s own Rachael Falk and Nicki Shields and Conferment Ceremony of our 2020 New Designees Allyson Graham and Matthew Kunik. We are also honored to announce our first three 2021 New Designees Suman Kumar Pallerla, Kayla Robertson and Kyle Rodney. Congratulations on completing this prestigious designation!