Less than 12 percent of U.S. homeowners have a flood insurance policy, despite the fact that flooding is the country’s most common natural disaster, said Katy Sivyer, underwriter for North America and the Caribbean at Hiscox Re & ILS, in an interview with Carrier Management.

This is why Hiscox Re & ILS launched a new U.S. personal lines flood product late last year, called FloodXtra, which aims to help its insurer partners provide their policyholders more affordable flood insurance, thereby helping to fill the flood insurance gap.