The Federal Emergency Management Agency (FEMA) has selected Milliman, Inc., for the National Flood Insurance Program (NFIP) Risk Rating and Policy Forms contract, which is the second phase of the ongoing Risk Rating Redesign for NFIP.
As a subcontractor to Milliman, Dewberry will perform a nationwide GIS analysis of NFIP mapping. The firm will also advise on policy, regulatory, and statutory issues related to the new risk rating approach.
FEMA’s NFIP has been offering flood insurance coverage to homeowners, renters, and businesses as protection against flood losses for more than 40 years. In addition to offering flood insurance, the NFIP identifies communities’ flood risks, creates maps, and publishes Flood Insurance Rate Maps to help communities meet floodplain management requirements. The agency also communicates the benefits of flood insurance protection.
The goal of the Risk Rating Redesign Program is to provide an insurance product that customers value; and improve the ability of policyholders to understand their flood coverage, the key risk drivers of their flood insurance costs, and choices that affect coverage and cost. It also aims to enhance the ability of agents to explain the value proposition of flood coverage to their policyholders; allow the NFIP to more readily implement and oversee an efficient, timely, correct, and consistent claims adjusting process; expand the ability of the NFIP to engage a large number of trained, experienced independent claims adjusters for large-scale catastrophic events; and allow agile delivery of solutions to successive market subsets.
