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.
22nd October 2021
AI-driven flood insurtech Neptune has partnered with National Automotive Programs, a Texas based specialty insurance broker. The partnership extends Neptune's platform to the NAPA family of over 22,000 locations nationally. NAPA provides access to an instant flood solution described as offering greater and broader coverages than the traditional National Flood Insurance Program ... Read the full article
4th October 2021
Neptune Flood, an insurtech firm focused on the flood market, has added parametric earthquake to its portfolio of technology-based insurance products via the acquisition of Jumpstart Insurance Solutions. Jumpstart leverages a parametric trigger approach to provide a set payout based on quake intensity, which unlike traditional quake cover, enables rapid payout ... Read the full article
30th September 2021
Willis Re has launched a new flood model for the Middle East and North Africa (MENA) region designed to allow re/insurers' flood risk to be quantified using a catastrophe model. The model currently covers Morocco, the United Arab Emirates, and the Kingdom of Saudi Arabia, with further releases for Oman, Qatar ... Read the full article
29th September 2021
A new report from AM Best has highlighted that appetite for flood risk among US insurers is still limited, despite a slow transition towards the private market playing a more prominent role in providing competitive market options for those seeking coverage. The rating agency notes that the federally operated National Flood ... Read the full article
24th September 2021
Catastrophe insurance data provider PERILS has cited over-reserving as the sole driver behind its significantly lower industry loss estimate from the New South Wales and Queensland flooding in March; what six weeks ago was AU$1.055 billion now stands at $751 million. Between March 18 and 24 the East Coast of Australia ... Read the full article
22nd September 2021
Primary German insurer Provinzial is expecting gross claims of at least €1 billion from the flooding in the country in July, although the company's net hit should come down considerably thanks to its effective use of reinsurance, reports Fitch. In early August, Provinzial estimated that losses from Storm Bernd would ... Read the full article
22nd September 2021
JBA Flood Risk Management Limited has collaborated with Reinsurance Solutions Intermediary Services (RSIS), an African-based reinsurance broker that will use the JBA global flood modelling capability to provide flood risk analytics and catastrophe modelling services for its insurance clients across the continent. RSIS has offices in Mauritius, Ivory Coast, Kenya, South ... Read the full article
17th September 2021
Flood insurance platform Flow Insurance Services has announced a new partnership with Chaucer Group. The partnership is set up to allow the digital distribution of Chaucer's new residential flood insurance product. Flow's retail agents will have the ability to quote, bind, and service Chaucer's flood insurance product on the FlowRater. "I'm thrilled about ... Read the full article
14th September 2021
AIG Chief Executive Officer (CEO) Peter Zaffino has suggested that the July flooding across Europe will likely “hit the reinsurance market more than Hurricane Ida.” Speaking during an interview as part of a recent KBW virtual insurance conference, Zaffino said that it remains too early to judge what the eventual loss ... Read the full article
9th September 2021
International specialty re/insurer SiriusPoint has updated its estimated third quarter losses arising from the European floods in July 2021. The flooding occurred in Germany’s North Rhine-Westphalia, Rhineland-Palatinate, and Bavaria and Saxony regions, as well as Belgium, France, Luxembourg, and the Netherlands from July 13th to 18th. Following an original loss estimate of ... Read the full article
9th September 2021
Flood risk modeller Fathom has announced a minority investment from Moody’s Corporation, the global risk assessment firm, in a deal described by the former as huge recognition for its work in the space. The deal will see Moody’s assume one seat on its board of directors. “National and regional economies, insurers and ... Read the full article
7th September 2021
Marsh McLennan has launched its Flood Risk Index to help governments and organisations better assess their exposure and vulnerability to more frequent and severe flooding. The Flood Risk Index sets out the potential impact of flooding on populations and economic assets in 188 countries. It analyses the risk on a country-by-country basis, ... Read the full article
2nd September 2021
After battering Louisiana as a Category 4 hurricane, storm Ida has caused severe flooding in New York and New Jersey which could add to the insurance and reinsurance industry loss, although this is still expected to remain under $25 billion, say analysts at Keefe, Bruyette & Woods (KBW). After making two ... Read the full article
27th August 2021
Jörg Asmussen, General Manager of the German Insurance Association (GDV) has said that it is now expecting insurance and reinsurance industry losses of around €7 billion (USD 8.3 billion) for the July flooding that devastated parts of the country. The new estimate from the GDV comes as the extent of the ... Read the full article
23rd August 2021
Catastrophe risk modeller RMS estimates that insurance and reinsurance industry losses from the July flooding in Western and Central Europe will likely range between €5 billion (USD 6 billion) and €6.5 billion (USD 7.7 billion). The devastating flooding occurred between July 12th and 18th, 2021, impacting parts of Western and Central ... Read the full article
