LISLE -- American Association of Insurance Services announced a new partnership with Munich Reinsurance America, Inc. that will focus on improving flood insurance for U.S. homeowners.
The flood insurance gap, particularly among homeowners outside major flood zones, has increases as the risk of flood continues to rise. With the market dominated by the National Flood Insurance Program, a strong private insurance market has yet to develop, creating an opportunity for insurers who would be interested in covering the flood peril.
"Historically, homeowners in low to moderate risk areas have gone unprotected against flood," said Serena Garrahan, flood product manager at Munich Reinsurance America "We are thrilled to work with AAIS on the development of inland flood coverage that can offer insurance carriers and their customers a way to help protect against the losses associated with this risk."
John Kadous, vice president of personal lines & auto and head of product strategy at AAIS added Munich Re "brings tremendous flood insight and pricing data to our product development efforts.
"Addressing flood coverage for homeowners is a key first step in a larger flood strategy for AAIS," Kadous added
AAIS is the only national nonprofit advisory organization governed by its member insurance carriers.