Private Insurers Bring Big Changes to Flood Insurance

For decades, the National Flood Insurance Program (NFIP) was about the only place you could go to get flood insurance. That’s rapidly changing. In 2021 there were 5.7 million homes that had some form of flood insurance attached to the property.

Of that number, 4.3 million are considered to be in very serious risk.

The number of premiums written by private insurers — says the Insurance Information Institute (I.I.I. and also known as the Triple I) — is on the increase. Here are the numbers:

1. Zurich Insurance Group

Direct written premium: $168,788,000

Market share: 16%

2. AIG

Direct written premium: $156,871,000

Market share: 14.9%

3. Assurant

Direct written premium: $107,151,000

Market share: 10.2%

4. AXA

Direct written premium: $71,163,000

Market share: 6.8%

5. Swiss Re

Direct written premium: $60,763,000

Market share: 5.8%

6. Liberty Mutual

Direct written premium: $59,941,000

Market share: 5.7%

7. Berkshire Hathaway

Direct written premium: $52,113,000

Market share: 5%

8. Arch Capital Group

Direct written premium: $48,821,000

Market share: 4.7%

9. Chubb

Direct written premium: $44,221,000

Market share: 4.2%

10. Allstate

Direct written premium: $33,664,000

Market share: 3.2%