Menu

Reinsurance News

Swiss Re & Milliman partner to deliver simplified flood offering

14th July 2021 - Author: Luke Gallin

Global reinsurance giant Swiss Re has partnered with Milliman, Inc. to deliver a new simplified flood solution via the latter’s open advisory and rating organization, Milliman Appleseed.

floodDeveloped by Swiss Re, the new flood offering has been designed to provide flexible coverage for low and moderate flood risks.

According to the pair, go-to-market time is greatly reduced with the use of Milliman Appleseed, which is a new organization licensed to submit loss costs, rating factors and risk scores with state insurance regulators across the U.S.

The offering utilises Swiss Re’s proprietary flood modelling for rating purposes and pairs it with customised policy forms developed by Flood Services Corporation.

The fact the product is licensed through Milliman Appleseed means that insurance carriers can easily adopt Swiss Re’s product offering, which enables them to avoid extensive product development, lowering state-by-state regulatory costs and uncertainty.

RMS

Dave Evans, a consulting actuary with Milliman, commented: “Offering Swiss Re’s simplified flood offering through Appleseed changes the economics of flood insurance, a critical step to close the protection gap in areas outside of currently mapped floodplains, which are the least insured today. Insurers can now access a sophisticated, low-risk flood product without incurring large upfront costs.”

Matt Junge, Head Property Solutions, US & Canada, at Swiss Re, said: “This is an important step to further opening the door to the private flood insurance market in the U.S. This addition to our existing flood capabilities makes it easier and faster for clients to enter this space and protect more communities across the country from the financial impacts of flooding.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
BHSI enters Mittelstand property market in Germany

Berkshire Hathaway Specialty Insurance (BHSI) has started underwriting property cover for Mittelstand enterprises across Germany. As a result, Natali Bagaric...

Close