Marsh and Guy Carpenter team up to tackle flood insurance drought

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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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Applied updates on commercial push

Applied Systems has confirmed Arch Insurance is about to enter the pilot phase of onboarding and will be live on the Applied Epic broker management system in April, with Iprism and Ark to follow and more promised in 2024.

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