Industry Roundup: Insurance Industry Calls for NFIP Extension, Risk Rating 2.0 Delay; Cost of Insuring Expensive Waterfront Homes is About to Skyrocket; Reinsurers Could Be Underestimating Nat Cat Exposure by 33-50%
Appetite for Flood Risk Among Private Insurers Still SmallThe U.S flood insurance market is slowly transitioning toward private insurers playing a much needed and more prominent role by providing additional competitive market options for those seeking coverage, according to a new AM Best report.Reinsurers Could Be Underestimating Nat Cat Exposure by 33-50%Analysts at S&P Global Ratings believe that reinsurers could be underestimating their exposure to natural catastrophe risks by between 33% and 50%, despite recent efforts to better incorporate climate change considerations into their business models.Staying Innovative and Agile Post-PandemicLeveraging the right technology such as video conferencing and enhancing risk management platforms, has helped both…