Chubb Group of Insurance Companies' offering of a private alternative to the National Flood Insurance Program providing coverage with broader terms and higher limits will likely draw competition, an underwriting expert said.
Gail McGiffin, the global lead on underwriting at Accenture, said Chubb's ability to offer this coverage is likely the end result of the company's investment in better "location intelligence" and underwriting technology.
The company may have competition in the future, she said, because the insurance industry is "seeing growing investment in location intelligence" by insurers.
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