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Property and casualty insurance

Flood Insurance Solutions

Private flood insurance is a promising market—if you are equipped with the right insights. Milliman has the data, tools, and expertise to help insurers navigate this evolving market.

The challenge

Success in the private flood market demands innovation

Climate change, development, and aging infrastructure are increasing flood risk nationwide, on the coasts and off, and consumers are noticing. Until recently, many carriers considered flood risk uninsurable—but Milliman is changing that. Our unique expertise, vast data resources, and advanced modeling techniques open new frontiers in private flood insurance and can help you meet the growing consumer demand.

The solution

An end-to-end flood insurance solution

Milliman can meet you wherever you are, and help you address the full product lifecycle for flood insurance, including:

  • GIS and flood insurance market data assets
  • Product design, rating, underwriting and capacity management
  • Feasibility, market strategy, and regulatory support
Solution story

Protecting homebuyers from surprise flood costs

When home sellers aren't required to disclose a property's past flooding, unprepared buyers could face financial ruin after the next flood. Milliman analysis helped lawmakers understand this risk—and pass consumer protections.

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CASE STUDY

Launching a private flood program

Milliman helped Wright National Flood Insurance Services (“Wright Flood”) create a thriving private flood insurance program and address this protection gap.
Data solutions

GIS Data

Improve underwriting, gain risk management insights, and identify new market opportunities with accurate, up-to-date Milliman GIS data. Choose from preconfigured or custom datasets accessible via batch lookups, bulk delivery, and API.

  • Elevation and related variables such as local relative elevation
  • Hydrography data including distance to river, lake, ocean, and coastline
  • Flood zones and base flood elevations
  • Estimated National Flood Insurance Program premiums and factors

Related technology

Add relevant geographic rating insights to your system at the point of decision.

  • Drive accurate rates with unique, granular data
  • Get geographic insights customized to your rates and rules 
  • Easily integrated with your existing solutions using a robust API with fast response times
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Related data solution

Get a balanced, accurate view of any market. Our actuarial and geographic information system (GIS) experts have assembled rich data tailored to the needs of property insurers. 

  • Use immediately for modeling, ratemaking, and market evaluation across the United States
  • Robust and representative samples of actual properties
  • High-fidelity property and coverage characteristics
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Product design, rating, underwriting, and capacity management

Consulting services

Concurrent with recent flood insurance modeling and data availability developments, our consultants provide sophisticated flood product solutions for private insurers.

  • Customized rating structures for matching prices to your coverages and risk appetite
  • Market-tested consumer demand analytics for product refinement
  • Dynamic reinsurance and concentration risk pricing

Related product

Quickly and cost-effectively build a profitable flood business with a complete flood insurance rating solution.

  • Match price to risk at the highest resolution in the industry, leveraging the KatRisk SpatialKat flood models
  • Tailor your coverage (standard to enhanced), limits (primary or excess), market (admitted or non-admitted), and type of risk (residential, commercial, and condominium)
  • Minimize up-front investment and scale costs as your premium volume grows 
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Feasibility, market strategy, and regulatory support

Consulting services

We employ competitive analysis to support pricing and profitability decisions. Our team has performed in-depth statutory research and feasibility studies for insurers and reinsurers considering entering the flood insurance market. Our experts are experienced in assessing and navigating the regulatory landscape. For admitted carriers, the ability to manage a profitable flood insurance program depends on state regulation, which varies widely and is changing rapidly.

  • Model consumer demand
  • Analyze pricing and profitability
  • Measure and manage catastrophe-exposed property risks
  • Validate catastrophe models
  • Benchmark against competitor premiums
Flood Fast Start

Shorten your path to profitability

Identify the flood approach that fits your business needs with our comprehensive, affordable Flood Fast Start analysis. Leverage solutions delivering the in-depth insights to help you plan your data-driven private flood strategy, including:

  • Milliman Bungalow: Industry-leading residential and commercial rates, rules, forms and technology for private flood insurance.
  • Market baskets: Base your analysis on portfolios of hypothetical risks representing realistic distributions of pricing and modeling characteristics.
  • Competitive analysis: Compare Milliman Bungalow premiums to estimated competitor and National Flood Insurance Program (NFIP) premiums across your proposed markets and test scenarios with customized private flood rates.
  • Take-up rate probability: Understand the likelihood of adoption based on high-quality data at the location or census-tract level.
  • Geographic Information Systems (GIS) data: Understand the critical geographic factors driving the risk of your projected portfolio.

Service organization

Access pre-filed flood products through Milliman Appleseed, helping you get your custom product out into the market faster, cheaper, and with less regulatory risk.

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Insight

Our latest flood thought leadership

Article

Geocoding for insurance: Why location matters in risk pricing

Accurate risk pricing can lead to more resilient communities.

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Article

The expected impacts of Hurricane Milton: What’s next for the Florida insurance market?

This paper reviews the expected insurance impacts of Milton and the anticipated future responses of the (re)insurance markets in Florida.

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Webinar

Addressing climate impacts on the U.S. insurance market: A cross-sector conversation

Amid news of large insurers leaving homeowners’ markets across the country, what must be done to address both the long-term climate crisis—and the immediate impact on consumers, businesses, and financial markets?

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Press Release

Millennial Specialty Insurance, LLC chooses Milliman Bungalow as its private flood insurance pricing solution to close the flood protection gap

Milliman, Inc. (“Milliman”), the premier global consulting and actuarial firm, today announced that Millennial Specialty Insurance, LLC (“MSI”), an indirect subsidiary of BRP Group, Inc. (NASDAQ: BRP), has chosen Milliman Bungalow (“Bungalow”) as its insurtech platform for a complete flood insurance rating solution.

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