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A NFIP Primer: Modeler AIR

Catastrophe risk modeler AIR Worldwide on the NFIP risk model, private-market opportunities and modeling flood risk.

By David Lalonde | Updated on October 08, 2013

David Lalonde, FCAS, FCIA, MAAA is senior vice president at catastrophe modeling firm AIR Worldwide.

Flooding is one of the costliest natural disasters in the United States, causing an average of $5 billion in economic losses every year. Following several destructive hurricanes and associated storm surge events in the 1960s, many insurers ceased covering residential flood risk in the U.S. Without the tools to accurately quantify and price the risk, insurers have been unable to offer flood insurance at “affordable” rates to the public. As a result, government-sponsored flood insurance comprises the majority of the residential market.

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