LMA IN THE NEWS

Flood insurers in Florida have doubled thanks to technology

July 20, 2017, Intelligent Insurer – The number of companies writing flood insurance in Florida has doubled from 10 to 20 firms in the past year, mainly thanks to the use of new technology to better predict and price flood risk, according to a report by Lisa Miller & Associates.

New technology is making structures more resilient than ever to …

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LISA'S BLOG

Rising Sea Levels a Fact in Florida for Now: Legislative Action Underway

Whether you’re a homeowner or work in construction or insurance, you likely know the damage water can do to a structure.  And whether you believe in global warming or not, scientists have confirmed by direct device measurement that sea levels around Florida are back on the upswing – and it could mean more frequent and severe flooding if the trend …

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LMA NEWSLETTER

LMA NEWSLETTER AUGUST 7, 2017

Of Technology and Road Trips

Since 2000, my smartphone of choice was the Blackberry.  I was one of the first to use one in the fortune 500 companies I worked for and then when I returned to state government in the insurance regulatory arena, I was one of the first in the state agencies to have the device so I …

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THE FLORIDA INSURANCE ROUNDUP PODCAST

Episode 5 Part Two – Growing Florida’s Private Flood Market

Aided by new state legislation this year designed to encourage a robust private flood insurance market in Florida, the number of companies writing flood policies has nearly doubled in the last year, while Congress works this summer to reform the federal government’s beleaguered National Flood Insurance Program (NFIP). Meanwhile, new technology is making structures more resilient than ever to floodwaters, allowing those insurers to more accurately price risk and compete with the NFIP.

Mike Graham of Smart Vent Products has been working with modeling firms that are part of the new technology and shares with Lisa in this program how flood vents, dry proofing, and other mitigation options are lowering flood risks and with them,  policy premiums by up to 80%.  Just as wind mitigation years ago helped lower homeowners and wind insurance rates, today’s flood mitigation techniques can lower private flood insurance rates, making flood coverage more affordable – and available – for everyone.

Show Notes

Actuarial experts, disaster modelers, and third-party vendors are utilizing new technology to better predict and price flood risk.  Models are important because the NFIP and parent FEMA don’t use models – they use only maps.  But models help differentiate the flood risk between a property owner in Zone X with mitigation vs. another person in Zone X without mitigation – with premiums priced accordingly by the growing number of private flood insurers entering the marketplace.

Mike Graham of Smart Vent Products shares his experience on some of the newest mitigation technologies and practices, including vents that allow flood waters to wash into – and back out of – structures, minimizing damage.  A study of a two-square mile area in New Jersey that suffered $1.2 million in flood claims losses showed through modeling how pre-mitigation would have eliminated the structural damage and reduced the entire area’s flood height by one inch, which while it doesn’t sound like much, equates to a $20,000 cost avoidance per claim according to FEMA.  Mitigation measures also help eliminate the need for retention ponds.  FEMA estimates that for every $1 spent on pre-event mitigation, $4 is saved in insurance claims.

Links and Resources Mentioned in This Episode

** The Listener Call-In Line for your recorded questions and comments to air in future episodes is 850-388-8002 or you may send email to LisaMiller@LisaMillerAssociates.com**

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Growing Florida’s Private Flood Market – Part One

Florida’s private flood insurance market is growing while Congress tries to find its way to potential fixes for the beleaguered National Flood Insurance Program (NFIP).  Just in time for the start of hurricane season, the Florida Legislature has made it even easier for private insurance companies to write flood coverage in the Sunshine State.  The private market is seen as …

Major Insurance Issues Fail in Florida Legislative Session – Podcast Explains How & Why

The Florida Legislature ended its 2017 session this week three days late – and without passing most of the major insurance-related bills.  These include Assignment of Benefits reform, Workers’ Compensation reform as mandated by the state Supreme Court, and No-Fault Personal Injury Protection automobile insurance reform.  What went wrong?  Host Lisa Miller, a former Florida deputy insurance commissioner, takes the …

Steve Uhlfelder talks with Lisa Miller about the 2017 Legislative Session

http://lisamillerassociates.com/wp-content/uploads/2017/05/LMA-Florida-Legislature-2017-Session-Wrap-up-with-Steve-Uhlfelder.mp3

In the closing days of the 2017 Florida Legislative Session, Uhlfelder & Associates founder Steve Uhlfelder shares his views on some of the policy disagreements this session and whether a gubernatorial veto is likely, based on his more than 30 years of public policy and consulting experience.  www.sulaw.net

Taylor Biehl talks with Lisa Miller about the 2017 Legislative Session

http://lisamillerassociates.com/wp-content/uploads/2017/05/LMA-Florida-Legislature-2017-Session-Wrap-up-with-Taylor-Biehl.mp3

In the closing days of the 2017 Florida Legislative Session,  Capitol Alliance Group Legislative Programs Director Taylor Patrick Biehl discusses passage of the bill to implement the voter-approved constitutional amendment allowing residential use of solar power as well as efforts to approve a bill on the use of medical marijuana to treat debilitating conditions.  www.CapitolAllianceGroup.com

Ben Pollara talks with Lisa Miller about the 2017 Legislative Session

http://lisamillerassociates.com/wp-content/uploads/2017/05/LMA-Florida-Legislature-2017-Session-Wrap-up-with-Ben-Pollara.mp3

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