ALABAMA SURVEY ON PRIVATE FLOOD MARKET PROMPTS LEGISLATION TO ENCOURAGE INSURER PARTICIPATION
Roy
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.”
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Source of the above is a ALDOI News Article, a link to the complete article is listed below. Photo from the CADO Gallery