Milliman To Redesign Nationwide Rating Plan for NFIP
November 16, 2017
The Federal Emergency Management Agency (FEMA) has selected Milliman, Inc., to provide
actuarial consulting services as part of a program to redesign flood insurance products across
the National Flood Insurance Program (NFIP). Milliman will provide state-of-the-art tools,
technology, and analysis to FEMA in order to design a new rating plan for NFIP policies
nationwide.
The NFIP is vital to protecting US communities from flood loss and has
been offering flood insurance to home owners, renters, and businesses since 1968. In the almost
5 decades since the program was created, technological advancements have greatly changed the
methods for modeling and rating flood risk. With its choice of Milliman, FEMA can take advantage
of innovative new rating techniques that will allow the agency to better understand and price
flood risk on a granular level nationwide.
"The NFIP has a wealth of knowledge and
experience with the flood peril, and their resources combined with our innovative technology
will allow them to design a flood insurance solution for the 21st century," says Nancy Watkins,
a Milliman principal and project lead. "Our goal is to help modernize the NFIP's insurance
product, reflect industry best practices, and improve policyholder experience through increased
transparency and a better understanding of risk."
Learn more about Milliman's flood
expertise.
November 16, 2017