The power of a storm: A wake up call for Americans
Education remains a critical charge for insurance agents who want to obtain an advantage in today’s volatile flood insurance market.
Aon Benfield’s Global Catastrophe Recap report (September 2016) revealed that days of extreme rainfall across parts of the United States Gulf Coast and Midwest caused catastrophic flood damage in several communities during the month. Total economic losses were forecast at $10-15 billion, while public and private insured losses were expected to be in the low-digit single billions, due to the regionally low participation in the National Flood Insurance Program (NFIP), which has resulted in more than 80 percent of damaged homes not having flood insurance.*
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