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Milliman to design NFIP rating plan

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The Federal Emergency Management Agency has selected Milliman Inc. to provide actuarial consulting services as part of a program to redesign flood insurance products under the National Flood Insurance Program.

The Seattle-based consulting and actuarial firm will provide tools, technology and analysis to FEMA to design a new rating plan for NFIP policies nationwide and help the agency understand and price flood risk on a granular level nationwide, Milliman said Wednesday in a statement.

“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,” Nancy Watkins, a Milliman principal and project lead, said in the statement. “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.”