Right on the heels of Hurricane Ida, the NFIP is increasing insurance rates significantly for coastal homes as part of the upcoming Risk Rating 2.0 transition. While better reflecting the actuarial realities of climate change, these changes will lead to significant disruption for consumers from the Gulf Coast to New England. The New York Times covers the impact of Risk Rating 2.0 and the changes to flood insurance that are already upon us.
Annex Risk is excited to announce its selection to Guidewire’s Insurtech Vanguards program. APIs are unlocking massive opportunities for brokers and carriers, and we are thrilled to collaborate with Laura Drabik and the Guidewire team as we build the modern infrastructure for flood and earthquake insurance.
Warming oceans are increasing the intensity and severity of atmospheric rivers. These weather patterns can drop inches of rain in just a few hours, often leaving catastrophic flooding in their wake, and posing a new risk for West Coast homeowners.