Reinsurance News

Flood insurance and 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.

Suncorp warns New Zealand floods could trigger its reinsurance

30th January 2023

Suncorp has warned that the flooding currently affecting Aukland and the North Island in New Zealand could trigger its reinsurance cover. At least 4 people have died with around 350 needing replacement accommodation as a state of emergency order continues. Residents in the affected areas have been told by authorities to brace ... Read the full article

reThought Insurance completes $10.5m funding round

30th January 2023

Technology-centric flood MGA, reThought Insurance has raised $10.5 million in a Series B funding round, which closely follows a successful $15.5 million round last summer. According to the announcement, the capital expansion will be used to extend the distribution of its advanced commercial and High Net Worth flood insurance products, and ... Read the full article

New Floodbase solution augments existing parametric wind policies

27th January 2023

Floodbase, a climate adaptation technology company that provides flood risk analysis, has announced its rebranding and also launched a new feature that enables insurers to add flood protection to existing wind parametric policies. Formerly Cloud to Street, Floodbase says its new solution aims to provide additional protection against stronger, slower and ... Read the full article

AXA UK commits to Flood Re’s Build Back Better scheme

27th January 2023

AXA UK has announced that it has signed up to Flood Re’s Build Back Better scheme. Launched in April 2022, the Build Back Better scheme is a joint initiative between the UK insurance industry and the UK Government to promote the availability and affordability of flood insurance. By singing up to ... Read the full article

PERILS raises industry loss estimate for SE Australia flooding to $840m

26th January 2023

Zurich-based catastrophe insurance data provider PERILS has disclosed its second industry loss estimate for the Southeast Australia floods in October 2022, amounting to AUD 840m ($600m). This second estimate follows an initial loss estimate of AUD 791m, which was issued by PERILS on 8 December 2022, marking an AUD 49m ... Read the full article

California flooding losses to exceed $30bn, just $1bn to be insured: Argenta

19th January 2023

Only $1bn is expected to be insured from an estimated economic loss of over $30bn caused by fierce storms, torrential rain, high winds and flooding that the state of California has experienced since late December 2022, according to Argenta analysts. These events have pushed thousands of people to evacuate their homes, ... Read the full article

California flooding will shine a spotlight on private flood insurance: AM Best

18th January 2023

A report from AM Best has suggested that the historic ongoing flooding in California highlights a need for a robust private flood market. Since late December, California has been hit with extreme rain and winds, leaving entire neighbourhoods under water, downing trees, and causing severe mudslides. AM Best's report explains that the ... Read the full article

NFIP claims paid for Hurricane Ian rises 28% to $2.2bn, reports FEMA

18th January 2023

As of yesterday, the National Flood Insurance Program (NFIP) had paid USD 2.2 billion in claims for Hurricane Ian, which made landfall in Florida as a major Category 4 storm in September 2022, an increase of almost 28% from the figure reported by the US Federal Emergency Management Agency (FEMA) on ... Read the full article

Parametric flood insurer, FloodFlash launches in the US

17th January 2023

Parametric flood insurer FloodFlash has announced that it has entered into the US insurance market. After a devastating hurricane season in the US, policyholders have been waiting weeks, and in some cases, months, to receive claims to be able to rebuild their businesses and revive local economies. Moreover, in the wake of ... Read the full article

FEMA shrinks NFIP reinsurance program by over 50% amid hard market

11th January 2023

The U.S. Federal Emergency Management Agency (FEMA) has completed its 2023 traditional reinsurance placement for the National Flood Insurance Program (NFIP), transferring an additional $502.5 million of flood risk to the private reinsurance market for a total premium of $90.2 million. Together with its three in-force catastrophe bond transactions, FEMA has ... Read the full article

Previsico to leverage €4.3bn Meteosat satellite to deliver better flood forecasts

10th January 2023

Live flood alert Insurtech Previsico is set to leverage the new €4.3bn Meteosat satellite system to deliver even faster and more accurate flood warnings for clients like Zurich, Liberty, and Generali. The insurtech already provides real-time, property-level surface water flood forecasts that enable clients to mitigate flood impacts, which are given ... Read the full article

UK insurers could see over £1bn of flood losses this winter: PwC

13th December 2022

Severe flooding this winter could cost UK insurers up to £1.6 billion, according to a recent analysis by PwC. Most costly floods, in terms of insurance costs, that took place over the last decade, occurred during the winter of 2015-16 which saw Storms Desmond, Eva and Frank impact homes and businesses ... Read the full article

PERILS estimates industry losses from flooding in SE Australia to hit AUD $791m

8th December 2022

Insurance data provider PERILS has given an initial industry loss estimate for the flooding in Southeast Australia of AUD $791m. This estimate is in reference to the flooding that affected New South Wales, Victoria, and Tasmania, between 12 and 28 October 2022. The number, said PERILS in a statement, covers ... Read the full article

Yokahu, FloodFlash & Vitesse collaborate on new parametric product

2nd December 2022

Climate risk insurance platform Yokahu, flood parametric insurtech FloodFlash, and global fintech Vitesse have collaborated on a parametric product to accelerate payments from insurers to policyholders to prevent small and medium-sized businesses from failing after extreme weather events. Leveraging its global digital banking distribution, Vitesse has developed a platform that allows ... Read the full article

Insurance bill for Australian storms & floods reaches $12.3bn: ICA

30th November 2022

New data from the Insurance Council of Australia (ICA) suggests the insurance bill for storms and floods since January 2020 has reached $12.3 billion. According to the ICA, every eastern state has been impacted by flooding over the last three years, while South Australia and Western Australia have been hit by ... Read the full article