News

Simply Snap, Speak & Send

ALABAMA SURVEY ON PRIVATE FLOOD MARKET PROMPTS LEGISLATION TO ENCOURAGE INSURER PARTICIPATION

Roy
/ Categories: DOI, Flood
ALABAMA SURVEY ON PRIVATE FLOOD MARKET PROMPTS LEGISLATION TO ENCOURAGE INSURER PARTICIPATION

Alabama Department of Insurance (ALDOI)

12/17/2020

The Alabama Department of Insurance (ALDOI) released results of a survey taken to understand the private flood insurance market in the state. The ALDOI commissioned Milliman, Inc. (Milliman), a premier global consulting and actuarial firm, to survey flood insurance industry stakeholders and understand their concerns and perspectives around writing private flood insurance in Alabama, and ways to overcome regulatory, technical, and consumer-focused challenges.

The survey results have prompted the ALDOI to take action to encourage the private flood market. This includes supporting draft legislation that exempts flood insurance from Alabama’s rating laws, allowing insurers to avoid regulations that may be appropriate for other residential property yet onerous for the unique peril of flood.

“The Milliman survey will go a long way toward helping us identify ways to facilitate a viable private flood market in Alabama that offers coverage at an affordable price and protects Alabamians from expensive flood losses,” explained Insurance Commissioner Jim Ridling. “We want to create an opportunity to encourage insurers to write affordable flood policies that protect our citizens, facilitating a healthy, competitive market for insurance companies.”

. . .
 

Source of the above is a ALDOI News Article, a link to the complete article is listed below.  Photo from the CADO Gallery

Comment

warning
You don't have permission to post comments.

Latest News

  • All
  • News
  • Storms
  • DOI
  • Insurers
  • Vendors
  • Hurricanes
  • Earthquakes
  • International
  • Man Made
  • Flood
  • Catastrophes
  • Wind Pool
  • Insurance Law
  • Licensing
  • Citizens - Florida
  • FEMA
  • Work
  • Software
More

    Up Coming Events

    «March 2024»
    MonTueWedThuFriSatSun
    26272829123
    45678910
    11121314151617
    18192021222324
    25262728293031
    12
    NFIP Claims Adjuster Presentation Webinar – April 2, 2024

    NFIP Claims Adjuster Presentation Webinar – April 2, 2024

     

    Webinar Opens:  8:30 AM Central Time
    Start Time:  9:00 AM Central Time
    Lunch Break:  30 Minutes
    End Time:  3:30 PM Central Time

     - ​Register

    Please register for one presentation only.*

    Read more
    34
    NFIP Claims Adjuster Presentation Webinar – April 4, 2024

    NFIP Claims Adjuster Presentation Webinar – April 4, 2024

     

    Webinar Opens:  8:30 AM Central Time
    Start Time:  9:00 AM Central Time
    Lunch Break:  30 Minutes
    End Time:  3:30 PM Central Time

    - ​Register

    Please register for one presentation only.*

    Read more
    567

    Click here to add an Event

    Archive