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FloodFlash working to ensure claims from UK flooding will be settled within the next week: CUO
5th January 2024
As parts of the UK continue to be impacted by severe flooding, Ian Bartholomew, Chief Underwriting Officer at flood insurance company FloodFlash, has confirmed that the company is working hard to ensure that most, if not all of its claims will be paid within the next week. After a powerful storm ... Read the full article
FEMA adds $619.5m in flood reinsurance at renewal, takes NFIP protection to $1.92bn
5th January 2024
The U.S. Federal Emergency Management Agency (FEMA) has completed its 2024 traditional reinsurance placement for the National Flood Insurance Program (NFIP), transferring an additional $619.5 million of the NFIP’s financial risk to the private reinsurance market, for a total premium of $121.1 million for the coverage. The placement covers portions of ... Read the full article
Neptune Flood announces expansion into Kentucky
29th December 2023
Neptune Flood, a provider of private flood insurance across the United States, has expanded into Kentucky, making residential, commercial, and RCBAP flood products available in the state. As a result, the company is now available across 49 states, as well as Washington, D.C. Trevor Burgess, Neptune's ... Read the full article
Cyclone Jasper sparks Australian floods, expected losses in the hundreds of millions of AUD / USD: Aon
22nd December 2023
In the aftermath of ex-tropical cyclone Jasper, which made landfall on December 13, far north Queensland, Australia, is grappling with unprecedented flooding that has led to emergency rescues, power outages, and substantial material losses. According to Aon’s latest weekly cat report released on December 22, the situation, exacerbated by record-breaking torrential ... Read the full article
Swiss Re acquires flood risk modeller Fathom
14th December 2023
Global reinsurance giant Swiss Re has acquired Bristol, UK-based provider of water risk intelligence and flood models, Fathom, which will retain its own brand and work closely with the firm's Reinsurance Solutions division to further develop and distribute its innovative flood and climate risk data, maps, and models. Swiss Re says ... Read the full article
Floodbase partners with Oneglobal to develop parametric flood insurance across Asia
6th December 2023
Insuterch Floodbase and Oneglobal, a commercial re/insurance broker, have announced plans to develop and distribute parametric flood insurance solutions across Asia. The two companies are partnering to close the flood insurance gap with what they describe as cutting-edge parametric flood insurance solutions. Connected through Lloyd’s Lab, the pair recognized the opportunity to ... Read the full article
AXA Climate and Howden partner on flood resilience project for Togo
6th December 2023
AXA Climate, part of global insurer AXA Group, London-based broker Howden, and Togo-based non-governmental organisation Pionniers en Action pour le Développement Intégré à l’Environnement (PADIE), will be implementing the project for Togo’s fourth-largest city, Kloto 1, and key flood hot spots in the capital city Lomé – Golfe 1 and ... Read the full article
PERILS estimates initial loss of €509m for Babet-Aline floods and storms
4th December 2023
Zurich-based catastrophe insurance data provider PERILS has disclosed an initial industry loss estimate of €509 million for the Babet-Aline floods and storms over the British Isles and northwestern Europe in October 2023. In line with the PERILS coverage definition for Europe, this loss number covers the property line of business. The ... Read the full article
Climate Change a challenge to UK flood defences: Moody’s RMS & Flood Re
1st December 2023
A joint study by Moody’s RMS, the risk modeling and solutions company, and UK flood reinsurance scheme Flood Re, warns of the limitations of current flood defences in the face of climate change, and calls for the UK to invest further. The main point put across in the report is that ... Read the full article
Chubb survey reveals lack of flood preparedness among U.S. mid-market companies
27th November 2023
Property and casualty insurer Chubb has disclosed findings from a recent survey, indicating that U.S. mid-market companies, with a majority falling within the $10 million to $1 billion range, are significantly unaware and unprepared for the risks posed by flooding. The survey underscores a concerning trend, with a staggering 85% of ... Read the full article
CCR estimates cost of flooding in Hauts-de-France at €550mn
23rd November 2023
French reinsurer CCR has estimated the cost of flooding in Hauts-de-France at €550 million, at least half of which will be covered by the reinsurer’s natural catastrophe scheme. The region has experienced unconventional flooding due to a succession of rainy episodes associated with storm Ciarán, which also caused flooding in ... Read the full article
PERILS increases industry loss estimate for Emilia-Romagna floods to €509m
22nd November 2023
Zurich-based catastrophe insurance data provider PERILS AG has disclosed its third industry loss estimate for the floods in the Emilia-Romagna region of Italy during May 2023, upping the figure to €509 million. This compares to the previous loss estimates of €377 million and €488 million issued by PERILS six ... Read the full article
Farmers Group to acquire three brokerages and flood program of Farmers Exchange
14th November 2023
Zurich, through its wholly-owned subsidiary, Farmers Group (FGI), has agreed to acquire three brokerages and the flood program servicing arm of the Farmers Exchanges, for $760 million. According to the announcement, “ownership of the brokerages will ensure FGI maintains and broadens its position in supporting the Exchanges in meeting customers’ needs ... Read the full article
Previsico launches in New York to alleviate future losses following record flooding
1st November 2023
Live flood forecasting insurtech, Previsico, has announced that it has gone live in New York with its flood forecasting technology, following the recent record flooding that took place in the state, and US $2.2 million of further funding to support its accelerated growth across the US market. The insurtech's model showed ... Read the full article
Floodbase partners with Ag Guard to develop parametric flood insurance programs for ANZ
31st October 2023
Insurtech Floodbase has entered into a partnership with Ag Guard to develop and distribute parametric flood insurance programs across both Australia and New Zealand. Both companies are teaming up together to help close the ANZ flood insurance gap through jointly-developed parametric flood insurance programs that are designed to cover ag risk. The ... Read the full article