US: Pitney Bowes Business Insight (PBBI), a leader in customer data, analytics and communication software and services, released Flood Risk Pro, a new Risk Data Suite bundle. This new product will enable National Flood Insurance Program (NFIP) and Excess Flood coverage insurers to build up-to-date flood risk information into their underwriting processes.
During 2011, the US has experienced some of the worst flooding in recent history. Flooding along the Mississippi river in recent weeks forced more than 5,000 people from their homes in five states and inundated more than 2 million acres of farmland. The average annual US flood losses in the past 10 years (2001-2010) were more than USD 2.7 billion. More than 5.5 million people currently hold flood insurance policies in more than 21,000 communities across the US.
Flood Risk Pro strengthens PBBI’s Risk Data Suite. The Risk Data Suite provides geospatial data about physical and historical insurance risks, as well as information for flood, fire protection, ground sinking, hurricane and severe weather. The products in the suite are used by property and casualty insurers who have pinpointed their policies by geocoding and then use risk data to evaluate the related risks.