Captive.com logo

Captive Insurance News

Free Captive Wire Report

Tax Considerations for Captive Insurers

A FREE 16-page special report courtesy of Captive.com

Dig deep into important issues and trends in captive insurance. Download this FREE special report featuring practical knowledge and insights from nine respected captive insurance thought leaders!

Show Me My Free Report

Milliman To Redesign Nationwide Rating Plan for NFIP

Umbrella Technology 480x377
November 16, 2017

The Federal Emergency Management Agency (FEMA) has selected Milliman, Inc., to provide actuarial consulting services as part of a program to redesign flood insurance products across the National Flood Insurance Program (NFIP). Milliman will provide state-of-the-art tools, technology, and analysis to FEMA in order to design a new rating plan for NFIP policies nationwide. 

The NFIP is vital to protecting US communities from flood loss and has been offering flood insurance to home owners, renters, and businesses since 1968. In the almost 5 decades since the program was created, technological advancements have greatly changed the methods for modeling and rating flood risk. With its choice of Milliman, FEMA can take advantage of innovative new rating techniques that will allow the agency to better understand and price flood risk on a granular level nationwide.

"The NFIP has a wealth of knowledge and experience with the flood peril, and their resources combined with our innovative technology will allow them to design a flood insurance solution for the 21st century," says Nancy Watkins, a Milliman principal and project lead. "Our goal is to help modernize the NFIP's insurance product, reflect industry best practices, and improve policyholder experience through increased transparency and a better understanding of risk."  

Learn more about Milliman's flood expertise

Captive Insurance Company Reports
Follow Captive.com on Twitter

Twitter Feed