definitelytaking steps in the right direction to get the program more fiscallysound, but it'll take a number of years once the sound financial frameworkis put in place, a number of years for us to get toa fully risk-based premium program. Although it is starting to expand,private flood insurance has been around for a while. In 1986, theNFIP started a partnership with private insurance companies through theWrite Your Own program. As of September 20, 60 insurancecompanies participate in that program. The NFIP and FEMA are theinsurance company in that situation. But it's not an insurancecompany from a traditional aspect. It's really more in the case ofit and the application of benefits. The move toward a more laissez-fairemarketplace has continued to evolve. We've seen a significant increase in marketactivity in terms of number of carriers offering. So in twenty sixteen, at aboutsixteen flood insurance carriers, now you've got about forty one. The premiums have grown from one hundredand fifty million to over five hundred million in just four years. So a lot of activity. Good. What I would call silver liningis that we are beginning to see private industry enter into this marketand hopefully we can neutralize some of those political headwinds thatcome along with the National Flood Insurance Program. TypTap isan example of that.
 |
Pyaar Banaye Rakhein...
In Florida alone, there are over ninemillion housing units and only one point seven million NFIP policies. So there's lots of opportunityfor private insurance to develop. We were already in the homeowner'sinsurance business in Florida and we received many calls from policyholderssaying, can you help us? Is there any way you can assist us? Because we're in a situation where we'renot able to afford this flood insurance premium, we're ultimately going tohave to move from our home. And with the use of technology, wefelt that there was a better, more efficient, profitable way towrite flood insurance. Specifically in Florida. A lot of private flood insurance underwritersdon't rely so much on the flood zone as they dothe buildings specific characteristics. With the application of that technologyTypTap is hoping to attract some homeowners away from the NFIPand turn a profit. Through our technology, we're able toidentify dislocations in the market and a majority of the cases offerflood insurance at a more attractive price. Even with the growth of privatemarkets that I really do think Florida is going to lead the way andI hope we see expand across the country. We're still going to have aset of structures for which the risk is high and the concentration of the numberof those in a given area is so high that the private marketplace just isnot going to be interested in that.
