Hiscox has responded to regulatory changes in the US, which have opened up the flood insurance market to private insurers, by setting up a new Flood Programmes business line within its Property division.
Simon Morgan, Head of Property, and Line Underwriter for Flood Programmes, comments: “Up until 2012 only a Federal Emergency Management Agency (FEMA) backed National Flood Insurance Programme (NFIP) policy in the US would satisfy banks’ requirements that their mortgages were adequately protected against the peril of flood. The law was changed in 2012 to force the banks to accept alternative insurance solutions so long as the coverage afforded was as broad as that provided by the NFIP.
“This emerging market sector has the potential to be very significant for the London Market and we believe a dedicated Flood Programmes team will help us to maximise the opportunity.”
For more details contact:
Simon Morgan
Head of Property
+44 (0) 207 448 6429
[email protected]
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