Flood insurance

In other news: Hippo launches Builders Program; handdii wins the 2021 ACORD Insurtech Innovation Challenge New York; Blockchain-backed title insurance launches in five states.

Nicholas is the Atlantic’s 14th storm in 2021. Half of the storms so far have hit the U.S., and Ida was the season’s worst, crashing into the Louisiana coastline before devastating New York with rain and floods that killed more than 40 people. On Monday, AIR Worldwide updated its projected losses from Ida, saying the storm probably caused $20 billion to $30 billion in insured losses. Earlier estimates were around $18 billion.

Born from insurer HCI Group, subsidiary harnesses mobility, big data, analytics, and AI to complete 58 underwriting steps in 300 milliseconds.

Digitizing flood insurance has the ability to automate claims, add consistency to regulatory compliance and assist with fraud control.

Insurtechs are working to help consumers access coverage as risk grows and the National Flood Insurance Program struggles.

The Federal Emergency Management Agency plans to use private-sector data to calculate the real flood threat for each home.

Neptune's API will be incorporated into Hippo's distribution process with the goal of getting customers more affordable flood insurance.

Insuring against natural disasters could reach unaffordable levels for households and companies, while the potential damage is so unpredictable it may be impossible to model.

Proposals included preventing homes built in flood plains after 2020 from obtaining insurance under the program, sending them to seek private coverage.

Brokers warn low portions of Harvey’s costs will be covered by insurers because regular homeowners’ policies don’t include flood damage.