Milliman Appleseed reduces the go-to-market time. Credit: Pete Linforth from Pixabay.

Swiss Re has joined forces with Milliman, a consulting and actuarial firm, to launch a new flood insurance product through Milliman Appleseed.

The new offering, developed by Swiss Re, will offer flexible insurance solutions for low and moderate flood risks.

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Milliman Appleseed, an open advisory and rating organisation, is licensed to submit loss costs, rating factors, and risk scores with state insurance regulators across the US.

Swiss Re’s flood insurance solution leverages its proprietary flood modelling for rating purposes and couples it with customised policy forms developed by Flood Services Corporation.

Reinsurer’s clients will be able to licence rates and forms to offer them with homeowners’ policies.

Licensing the product via Milliman Appleseed allows insurers to adopt Swiss Re’s product, avoid product development and cut state-by-state regulatory expenses and uncertainty.

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Swiss Re head property solutions of US & Canada Matt Junge said: “This is an important step to further opening the door to the private flood insurance market in the US.

“This addition to our existing flood capabilities makes it easier and faster for clients to enter this space and protect more communities across the country from the financial impacts of flooding.”

Milliman consulting actuary Dave Evans said: “Offering Swiss Re’s simplified flood offering through Appleseed changes the economics of flood insurance, a critical step to close the protection gap in areas outside of currently mapped floodplains, which are the least insured today.

“Insurers can now access a sophisticated, low-risk flood product without incurring large upfront costs.”