In 2016, 18 private insurers accounted for just 12.6% of the market and accounted for less than $1 billion in direct written premium, the Insurance Information Institute reported. In 2022, more than 75 private carriers were responsible for $1.31 in direct written flood insurance premium. Credit: bilanol/Adobe Stock In 2016, 18 private insurers accounted for just 12.6% of the market and accounted for less than $1 billion in direct written premium, the Insurance Information Institute reported. In 2022, more than 75 private carriers were responsible for $1.31 in direct written flood insurance premium. Credit: bilanol/Adobe Stock

From 2016-2022, the U.S. flood insurance market increased 24%, growing from $3.29 billion in direct premium written to $4.09 billion, according to the Insurance Information Institute, which noted that private carriers now write slightly more than 32% of the market.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

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