The private market for flood insurance in the United States measures approximately $300 million  in annual premium. This is less than 10 percent of the $3.7 billion  in flood insurance premium written by the federal government’s National Flood Insurance Program (NFIP). Private insurers offering flood insurance are not operating on the same playing field because many NFIP policies are subsidized and underpriced. The creativity of private insurers, guided by the dynamics of a free and competitive market, will eventually drive out inefficiency and false price signals, and make available to homeowners and businesses the flood insurance they need at the right cost.
We invite you to an online discussion examining the obstacles and opportunities for private insurers featuring flood insurance entrepreneur Trevor Burgess, and R Street’s Jerry Theodorou and Caroline Melear.
- [Moderator] Jerry Theodorou, Director, Finance, Insurance & Trade Program, R Street Institute
- Trevor Burgess, President and CEO, Neptune Flood Insurance
- Caroline Melear, Resident Fellow, Finance, Insurance & Trade Program, R Street Institute
- “approximately $300 million”: https://platform.spgi.spglobal.com/web/Login?auth=inherit&bmctx=431A16D7B69544E3000D3C27B5817697&enablePersistentLogin=true&OAUTH_SSO_ENC_KEY=C57DBB5C08DA42B6E90C86AF0C895A9B1C0828BB0FD48E2881852858161950DE&password=secure_string&contextType=external&IS_OAUTH_OAM_SSO_LINK_ENABLED=true&OAUTH_SSO_ID_DOMAIN=SPGLBDomain&IS_OAUTH_USER_ASSERTION_ENABLED=true&contextValue=%2foam&env=WAM12C&SwitchGetToPostLimit=50000&username=string&challenge_url=https%3a%2f%2fplatform.spgi.spglobal.com%2fweb%2fclient%3fauth%3dinherit%23security%2flogin&request_id=-4082831594331981749&authn_try_count=0&locale=en_US&resource_url=https%253A%252F%252Fwww.capitaliq.spglobal.com%252FSNL.Services.Application.Common.Service%252Fv1%252Fclient%252Flanding%253FignoreIDMContext%253D1%2526target%253Dnews%25252Fhome#/
- “$3.7 billion”: https://www.fema.gov/sites/default/files/documents/fema_fy2022-q1-watermark.pdf