Current role of private insurers
Can you further explain what's meant by the second bullet: share risk with FEMA? How does it differ from bullet 4? Thanks.
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Can you further explain what's meant by the second bullet: share risk with FEMA? How does it differ from bullet 4? Thanks.
Comments
Sharing the risk with FEMA may involve a primary-excess relation with FEMA. The fourth bullet refers to cases where the entity assumes a reinsurer role, in partnership with other reinsurers and/or FEMA.
I see from battlecard that one of the most common type of private flood insurance is commercial coverage. Does that mean private insurer is competing with NFIP for commercial property (for flood coverage)?
Yes, correct.