AM BestTV at RMS Exceedance: Barriers to Privatized Flood Market Are Lowering, Says Regulatory Panel
OLDWICK, N.J.--(BUSINESS WIRE)--May 16, 2019--
In this AM BestTV 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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PUB: 05/16/2019 03:58 PM/DISC: 05/16/2019 03:58 PM