Nature is a friend but can turn into a foe sometimes in the face of floods or any other natural calamity. Floods occur when water flows or overflows across land that is not normally submerged. Usually, this is caused by an abundant river, a dam failure, snowmelt, or massive rainfall. A flood policy covers a dwelling against losses caused by water damage, such as flooding caused by heavy rain, melting snow, coastal storm breaks, blocked storm sewer systems, or levee failure. Flood insurance companies are there in the market to take care of the losses made by nature.
Floods are considered important events in various parts of the world, and the destruction it causes is open to anyone without supplemental insurance. Flood insurance premiums are determined by the National Flood Insurance Program (NFIP)-designated flood zone in which the property is located, as well as the property’s period, elevation, and a number of levels.
Flood insurance works just like other types of insurance: The insured pays a premium based on whether the property is at risk of flooding, as well as the deductible they prefer. Whenever flooding is caused by an external event (rain, snow, storms, collapsed infrastructures, etc.), the homeowner is compensated for the cost of repairing the damage or reconstructing the structure, up to the policy limit.
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7 leading flood insurance companies securing people and property
As per the Global Flood Insurance Companies Market Report, the market size was valued at USD 9.03 Billion in 2019 and is projected to reach USD 27.31 Billion by 2027, growing at a CAGR of 14.84 % from 2020 to 2027.
Allianz
The Allianz Group is one of the global foremost insurers and asset managers. The company handles its operations in more than 70 countries around the globe. The company’s headquarters are based in Munich, Germany, and is founded by Carl von Thieme and Wilhelm von Finck.
Sompo Japan
A Japanese insurance company, Sompo Holdings, Inc., formerly NKSJ Holdings and Sompo Japan. In 2007, it has a high market share making it the second-largest property insurance company and one of the best flood insurance companies in Japan after Tokio Marine. The company was founded in 1887 and its headquarters are based in Tokyo, Japan.
Tokio Marine
The Tokyo Marine Holdings, Inc. is a multinational insurance holding company based in Tokyo, Japan. It is the parent company of Tokio Marine Group, and Tokio Marine Nichido, E Design Insurance Co., Ltd are its subsidiaries. The company laid its foundation in 1879.
Zurich
Switzerland’s largest insurer, Zurich Insurance Group Ltd is a Swiss insurance company based in Zurich. The company laid its foundation in 1872 and is known to be one of the top flood insurance companies in the world. Zurich North America and others are some of its subsidiaries. Mario Greco is managing the organization.
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PICC
The People’s Insurance Company (Group) of China was founded in 1949 and was the first country-wide insurance company in the People’s Republic of China. It operates as an investment holding company. Through PICC Property and Casualty Company, the Company provides property and casualty insurance. It is headquartered in Beijing, China.
Allstate
Since 1967, the Allstate Corporation has been headquartered in Northfield Township, Illinois, near Northbrook. It was founded as part of Sears, Roebuck, and Co in 1931 and spun off in 1993. Additionally, the company offers personal lines insurance in Canada. It is among the leading flood insurance companies as well.
Ping An
It is also known as Ping An of China and its full name is PingAn Insurance Company of China, Ltd. The company’s subsidiaries mainly provide insurance, banking, asset management, financial services, healthcare, auto services, and smart cities. The company was founded in 1988 and its headquarters are located in Shenzhen, China.
Saving the future
The future is unpredictable and so the nature, anything can happen at any point of time. So, today people are preparing for a better future even if they may face a natural disaster by insuring. Increasing climatic variations and intensification of the global water cycle have dramatically increased flood risk, which has led to an increase in flood insurance demand. As a result, the increasing frequency or severity of floods is a key factor driving the growth of flood insurance companies as well.
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