The head of one of the largest private flood insurance writers this week questioned an A.M. Best report that said private flood companies are failing to make significant inroads in America’s troubled flood market.
“From 2020 through 2022, private insurers wrote a growing portion of the overall flood market, but that growth stalled in 2023,” the A.M. Best report, released Monday, argued.
The market share for private flood writers has stagnated in the face of greater opportunities, the financial rating firm noted.
“…Private flood insurers, which predominantly have written coverage for commercial insureds, have shown some willingness to accept flood risk, but the increase in take-up to date has been minimal.”
The growth of the private flood market is becoming increasingly important as parts of the country, particularly Florida and other Southeastern states, see more