Flood Insurer Has Too Much Tampa Area Business
By Josh Boatwright, Tampa Tribune, Fla. | |
McClatchy-Tribune Information Services |
Local insurance agents say there are still private options available to homeowners and businesses that can't afford escalating premiums in the National Flood Insurance Program, but the policies backed by underwriters at Lloyd's of
A handful of other insurers since have entered the
Although overall demand has simmered down this summer, the
"If I look at the state of
The company quickly has grown from its base in
The trouble is a large portion of these policies, and the risk for big claims in the event of a catastrophe, are in the
"We're going to do whatever we can to penetrate the rest of
The fact that the
"That shows how much demand there is for private flood insurance," Brandes said.
What Brandes and other advocates of private flood insurance hope to see are more companies operating in the state's admitted market, which is monitored by the
The new law that went into effect this summer streamlines the process for new admitted insurers to get state approval, but companies have shown limited interest so far.
Many other companies are studying risk models to determine whether they can compete with the government's rates.
As the government's premiums continue to climb by 15 to 18 percent each year even for primary homeowners,
"Long-term, what I think we're going to see happen is more private market is going to come into play," he said.
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