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Milliman to Design New NFIP Rating Plan

Milliman, Inc., a global consulting and actuarial firm, announced that it has been selected by the Federal Emergency Management Agency (FEMA) to provide actuarial consulting services as part of a program to redesign flood insurance products.
November 21, 2017

Milliman, Inc., a global consulting and actuarial firm, announced that it has been selected by the Federal Emergency Management Agency (FEMA) to provide actuarial consulting services as part of a program to redesign flood insurance products across the National Flood Insurance Program (NFIP). Milliman will provide tools, technology, and analysis to FEMA in order to design a new rating plan for NFIP policies nationwide.

“The NFIP has a wealth of knowledge and experience with the flood peril, and their resources combined with our innovative technology will allow them to design a flood insurance solution for the 21st century,” says Nancy Watkins, a Milliman principal and project lead. “Our goal is to help modernize the NFIP’s insurance product, reflect industry best practices, and improve policyholder experience through increased transparency and a better understanding of risk.”

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