Jeffrey Wyrsch

Agency Principal

The Van Dyk Group

Beach Haven Terrace, New Jersey 

How did you get started at your agency? 

My father purchased the agency from the previous owner in the '90s. I started with the agency as the IT director and gradually got involved in personal lines insurance. Then I became very involved with flood insurance.

Why flood insurance?

Because of its location on a barrier island in New Jersey, our agency has been involved with the National Flood Insurance Program (NFIP) since it began and has always been very active and heavily involved in writing flood insurance policies, especially in our area.

Changes in the flood market?

For several years, the entire flood insurance market has been very up and down. We had the Biggert-Waters Act back in 2012, which created a lot of challenges because it changed some of the rules and created different policies. That really brought about a lot of the private market options that are out there now and really helped the market to grow. Today, there are many options—and there are definitely some good options in the private market too. With Risk Rating 2.0, the past year has brought a lot of changes, also.

Challenges in the flood market?

Especially in personal lines flood policies, most of the premiums are fitting within a small window. That's creating a bit more of a challenge now for the private market in some cases, and in other cases creating new opportunities.

Future trends? 

Both the NFIP and the private market will remain extremely important. We need to have both because they both offer advantages in different situations. While I have some questions about the NFIP rating and whether these rates are sustainable, I do think the NFIP isn't going anywhere, and the private market will continue to grow along with it.

Advice for a fellow flood insurance agent?

Don't be intimidated. A lot of people are. Try to learn what it's all about and how it works. The rating process is much easier than it used to be, so that should help in researching private markets that are available. They can really help supplement the NFIP and help agents grow their book of business.

Favorite success story?

I got involved with flood insurance because of Hurricane Sandy—our area was hit extremely hard. Our agency handled over 4,000 flood claims for our customers, with almost all our customers being satisfied. After Sandy, I started looking into new private flood options, and was able to create a proprietary flood insurance program with Lloyd's of London.

Olivia Overman is IA content editor.