OLDWICK, N.J.–(BUSINESS WIRE)–In this AMBestTV episode from the RMS Exceedance 2019
conference in Miami, FL, an expert panel said new flood modeling should
help move the market closer to actuarially sound rates, and new banking
regulations will make it easier for private market coverage of flood
risk. Click on http://www.ambest.com/v.asp?v=regulatorypanel519
to view the entire program.
Fred Karlinsky, attorney, Greenberg Traurig, addressed the uncertainty
surrounding the federal flood insurance program.
“It is a significant issue. Anytime you have uncertainty in any business
or in any market, especially in a heavily regulated business like
insurance, it creates its own set of unique challenges,” said Karlinsky.
“I think the fact that you do not really know what the lay of the land
is creates a lot of uncertainty, a lot of hesitancy on the part of
anyone that is going to expend capital to try and promote his or her own
particular type of private label flood insurance product.”
With wildfires being a big industry issue in recent years, the panel
also discussed opportunities and risks within the industry, and
highlighted what direction regulation might take.
“I think the 2017 and 2018 wildfire seasons really opened the eyes of
not just regulators, but the entire market and industry,” said Matt
Nielsen, Senior Director of Global Government Affairs, RMS. “I know one
of the issues from a risk assessment point of view is that tools
traditionally have only been really meant to help with individual
location risk scoring. There has been a lack of really good analytics
looking at wildfire as a whole.”
Other people that appeared in this episode:
- Rich Fidei, shareholder, Greenberg Traurig.
For full video coverage of RMS Exceedance 2019, including exclusive
executive interviews, visit http://www.ambest.tv/rms19
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