Marsh and Guy Carpenter team up to tackle flood insurance drought
Marsh and Guy Carpenter have joined forces with digital mapping and land data intelligence provider Landmark Information Group to create a new flood risk reinsurance pool.
Marsh stated that ‘Project Noah’ was aimed at ensuring home insurance in flood-prone areas was widely available and fairly priced.
The broking giant added the project was created in response to rising payouts for flood damage and the approaching end to the Statement of Principles on the provision of flood insurance.
It will allow insurers to transfer residential flood risks to the international reinsurance market.
According to the participants, Project Noah also identifies and calculates the
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