Reinsurance News
News related to flood insurance and reinsurance, including: new products and market innovation; flood insurance market loss events; companies underwriting flood insurance or reinsurance; public flood insurance through the NFIP; and the expanding availability of private market flood coverage.
7th May 2021
Zurich-based catastrophe insurance data provider, PERILS, has reported an initial insurance industry loss estimate of AUD $1.055 billion for the New South Wales and Queensland floods, which occurred in March this year. The East Coast of Australia experienced an extreme period of rainfall from 18th to 24th March, which resulted in ... Read the full article
19th April 2021
The Reinsurance Association of America (RAA) has endorsed new legislation to end National Flood Insurance Program (NFIP) subsidies for newly-constructed properties in areas vulnerable to flooding. The Build for Future Disasters Act of 2021, reintroduced by Representatives Andy Barr and Scott Peters, would mean NFIP rates reflect up-to-date flood information for ... Read the full article
6th April 2021
FEMA is updating the National Flood Insurance Program’s (NFIP) pricing methodology in an effort to communicate flood risk more clearly. The US government agency says Risk Rating 2.0—Equity in Action provides actuarially sound rates that are equitable and easy to understand. FEMA will now be able to equitably distribute premiums across all ... Read the full article
31st March 2021
Australian insurer Suncorp has announced an expected losses of between $230 million and $250 million from the recent heavy rainfall and flooding across New South Wales, South East Queensland and Victoria. Concurrently, the Insurance Council of Australia has raised its estimate from the $438 announced earlier this week to $497 ... Read the full article
30th March 2021
AM Best says it expects recent flood activity in Australia to put pressure on general insurers’ underwriting margins and dampen 2021 earnings. As of this week 9,213 claims have been received following devastating flood events across the east and southeast of the country. Days of torrential downpours have prompted rivers and ... Read the full article
29th March 2021
A new report from Morgan Stanley states that Australian insurers IAG and Suncorp are now likely to exceed their catastrophe budgets for 2021 by a modest amount, after it was announced that the country has so far been inflicted with flood losses of $438 million. As of this morning, 29,213 insurance ... Read the full article
24th March 2021
In its latest update, the Insurance Council of Australia (ICA) says it has recorded more than 17,000 claims from the severe flooding that began in New South Wales (NSW) earlier this week, with losses currently estimated at AU $254.2 million (US $193.49 million). Notably, 15% of claims are now coming out ... Read the full article
23rd March 2021
Data from the Insurance Council of Australia (ICA) shows that, so far, policyholders have lodged 11,700 insurance claims associated with the devastating storms and flooding in New South Wales (NSW). The ICA noted that further claims have been lodged since those numbers were collected this morning and more are expected in ... Read the full article
22nd March 2021
Australia’s major insurance providers including Suncorp and IAG are ramping up efforts to support customers affected by severe flooding currently unfolding across New South Wales and South East Queensland. The ICA has declared a catastrophe for large parts of NSW, following the evacuation of around 18,000 residents following widespread and ... Read the full article
22nd March 2021
The Insurance Council of Australia (ICA) says it is working with the New South Wales Government to understand the severe weather and flooding currently impacting large parts of the region, particularly around the Mid-North Coast and Hawkesbury-Nepean. The ICA has also declared a catastrophe for large parts of NSW, following the ... Read the full article
19th March 2021
Parametric and index-based disaster risk transfer firm Global Parametrics has partnered with UK-based flood risk modeller Fathom on a flood index that will enable new levels of parametric solutions. Global Parametrics has combined high resolution data provided by Fathom with streamflow data from the ECMWF GloFAS hydrological and monitoring system to ... Read the full article
2nd March 2021
Global reinsurer Swiss Re has advanced its natural catastrophe services via a new strategic partnership with ICEYE, the world's largest commercial synthetic-aperture Radar (SAR) satellite operator and flood monitoring provider. Building on ICEYE's technology, the new partnership aims to advance flood risk management, assist disaster response and speed up claims payments ... Read the full article
1st March 2021
Zurich-based catastrophe insurance data provider PERILS has placed a £368 million final industry loss estimate of the flooding that took place across the UK during February 2020. The floods primarily affected Wales and the Midlands and Yorkshire in England between 9 and 29 February 2020. PERILS’ estimate is based on claims data ... Read the full article
26th February 2021
The US Federal Emergency Management Agency (FEMA) has transferred an additional $575 million of the National Flood Insurance Program's (NFIP) flood risk to the capital markets through the sponsor of its fourth catastrophe bond transaction. FloodSmart Re Ltd. (Series 2021-1) is FEMA's fourth and largest catastrophe bond transaction, providing $575 ... Read the full article
10th February 2021
Data supplier WhenFresh has partnered with Ambiental Risk Analytics, a specialist in environmental hazard intelligence, predictive analytics and risk management, to make Ambiental’s flood risk data available to UK re/insurers. WhenFresh already supplies data to many leading UK insurers, but will now be able to provide access to Ambiental’s UK FloodMap ... Read the full article
