“The private insurance market in general has shown that it is willing and ready to address the growing risk in the U.S. and help close that protection gap,” Garrahan said. “Between 2020 and 2024, the private market is expected to grow by approximately 20%. [Essentially]We know that floods are generally an insurable peril. When insurance companies left the market in the 1960s and the National Flood Insurance Program (NFIP) was established, we did not understand the risk. Thus, insurance companies were not able to determine its exact price or get a hold around it. That’s why we saw insurance companies step back.
Only about 4% of US homeowners have flood insurance – despite billions in annual losses & more related News Here
