Verisk’s ISO Business Launches New Flood Insurance Program for Personal Lines

Verisk (Nasdaq:VRSK), a leading data analytics provider, has launched a new personal lines flood insurance program through its ISO business designed to make flood coverage widely available to homeowners anywhere in the contiguous United States.

The ISO personal lines flood program enables insurers to enter the private flood insurance market by offering broad and flexible coverage options in a template similar to the standard homeowners policy that’s already familiar to most consumers.

The ISO personal lines flood insurance program enables broader and more flexible coverage than the National Flood Insurance Program (NFIP), with wording generally similar to the standard homeowners policy most consumers know. The ISO program lets insurers offer coverages and deductibles with options to include additional living expenses; other structures on the property such as detached garages, fences, and pools; and damage to personal property in a belowground area.

The rating manual for ISO’s new personal lines flood program also takes a fresh look at traditional flood territories. ISO began the state-by-state filing process for its new personal lines flood program in December 2017 and will continue throughout 2018. The ISO commercial lines flood program was launched in the summer of 2017.

Through its ISO, AIR Worldwide, and Xactware businesses, Verisk offers a comprehensive suite of solutions to support flood insurance programs, including policy programs for personal and commercial lines, individual risk assessment, portfolio analysis, and claims estimation.

Source: Verisk Press Release

Also relevant in this context is Verisk’s investment in Geo Location Services:
Geo Location services are relevant in Mortgage risk assessment especially when it comes to assessing whether a property is located in a designated flood plane: White Paper