Could private flood insurance be cheaper than the NFIP?

Milliman recently collaborated with KatRisk to develop tools that can be licensed by insurers and reinsurers to quickly assess the feasibility of offering private flood insurance. Using flood insurance datasets, Milliman and KatRisk conducted market feasibility studies in three states (Florida, Texas, and Louisiana) which combined account for 56% of National Flood Insurance Program (NFIP) insurance policies in-force nationwide. We compared our modeled private flood insurance premiums to those of the NFIP.