April Storms Bring May Floods
Columbus, Ohio, May 4, 2011: Severe weather continues to be a concern for many areas in the United States. The weather system which leveled parts of the southeast last week also dumped record rainfall from Arkansas to Vermont. Additional rainfall this week has some concerned about the flooding that is worsening in the Ohio and Mississippi River Valleys.
As standard homeowners, renters or business-owners policies do not cover flood damage, most flood insurance is written through the National Flood Insurance Program, which is administered by the Federal Emergency Management Agency. Under this program, participating property and casualty insurance companies write standard flood insurance policies and process any associated claims but bear minimal financial risk as the Federal Treasury is ultimately responsible for any underwriting losses. Policyholders that may be affected by flooding should take comfort in this fact.
Insurers listed as the Top 10 Federal Flood Writers in Direct Premiums Written for 2010 have a thorough understanding of this market. The companies listed in the Top 10 for this region are all affiliated with well-respected and financially stable groups: Fidelity National, State Farm, Allstate, Hartford Fire and Casualty, Travelers, Assurant, United Service Automobile Association, Selective and Nationwide.
Top 10 Federal Flood Writers
|1.||Fidelity National Indemnity Insurance||
|2.||State Farm Fire and Casualty||
|3.||Allstate Insurance Company||
|4.||Hartford Insurance Company of The Midwest||
|5.||Standard Fire Insurance||
|6.||American Bankers Insurance Company of FL||
|7.||Fidelity National Property and Casualty||
|8.||USAA General Indemnity||
|9.||Selective Insurance Company of The Southeast||
|10.||Nationwide Mutual Fire Insurance||
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm located in Columbus, Ohio. Since 1985, Demotech has been serving the insurance industry by providing actuarial consulting and accurate and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurance companies and Title underwriters. FSRs are a leading indicator of the financial stability of a company. Demotech has a proven track record of predicting financial stability in the insurance industry and has been leveling the playing field by offering FSRs to insurers of all sizes.