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FEMA renews NFIP reinsurance program with $1.33bn of coverage

2nd January 2020

The U.S. Federal Emergency Management Agency (FEMA) has announced the renewal of its flood reinsurance program to protect the National Flood Insurance Program (NFIP), securing $1.33 billion of protection. The coverage was secured from a panel of 27 reinsurance companies, and protects the NFIP from events on a per-occurrence basis for ... Read the full article

Insurtech Neptune Flood adds Jean-Luc Eckstein as Executive Director

24th December 2019

Neptune Flood Incorporated, an insurtech firm focused on the flood market, has announced the appointment of Jean-Luc Eckstein as Executive Director. He joins Neptune Flood from CDW, a Fortune 500 technology solutions provider, where he served as International Client Strategy Manager, overseeing a team responsible for cross border technology sales. In his ... Read the full article

Flood Re tenders for new retro reinsurance broker

17th December 2019

Flood Re, the UK’s government-backed reinsurance scheme, has commenced the process of finding a new retrocessional reinsurance broker to support the company over the coming three to six years. Eligible brokers have been asked to submit an application by January 23, 2020, with the new contract set to begin on July ... Read the full article

Flooding & storms to drive multi-billion-dollar losses in Europe: Aon

6th December 2019

The flooding and inland storms that impacted parts of western and southern Europe in November are likely to drive multi-billion-dollar economic losses, according to re/insurance broker Aon. The economic impact in Italy alone is expected to near $2 billion, Aon said in its Global Catastrophe Recap report for the month, with ... Read the full article

France & Italy brace for hundreds of millions in flood losses: Aon

29th November 2019

Flooding this week in parts of southeastern France and northwestern Italy along the Mediterranean coast is likely to drive economic losses in the hundreds of millions of euros range, if not higher, according to re/insurance broker Aon. Parts of France and Italy were hit with torrential rains between November 21 and ... Read the full article

FEMA commences procurement of 2020 NFIP reinsurance renewal

19th November 2019

The U.S. Federal Emergency Management Agency (FEMA) has started its procurement process for the renewal of a flood reinsurance programme, designed to protect against flood risks in the U.S. that are insured by the National Flood Insurance Program (NFIP). FEMA has returned to the traditional market for its NFIP reinsurance program ... Read the full article

Flood insurtech Neptune files patent for Triton technology

19th November 2019

Neptune Flood, an all-digital flood platform that leverages data analytics to provide agents and direct buyers the ability to rapidly quote and bind a policy, has filed a patent application for its Triton technology. Triton powers Neptune’s residential flood insurance product’s ability to executive a series of risk, pricing, disaggregation and ... Read the full article

Flood forecasting insurtech Previsico launches in UK

14th November 2019

Previsico, a SpinOut insurtech company from Loughborough University that specialises in flood modelling, has announced its nationwide launch in the UK. The firm aims to support re/insurers, brokers, and their customers with live actionable flood warnings, including uniquely for surface water flooding. Previsico believes that the growing threat of surface water flooding ... Read the full article

Northern England flooding could drive up to £120m in claims: PwC

13th November 2019

Extreme weather in northern England which over recent weeks has caused widespread damage and flooding could see claims payouts of between £80 million and £120 million, according to PwC. Over 500 properties have been flooded and 1,200 households evacuated as certain parts of the region was hit with a month’s worth ... Read the full article

Fathom’s flood maps, datasets included in Coastal Risk’s US reports

12th November 2019

US-based flood and natural hazard risk assessment firm, Coastal Risk Consulting has entered into a new partnership with UK domiciled flood modeller, Fathom. Under the new partnership, Fathom's up-to-date and comprehensive US flood maps and datasets, for both rainfall and river flooding, are incorporated in Coastal Risk Consulting's risk reports for ... Read the full article

US flood risk awareness increasing as major insurers pull back: analysts

26th September 2019

While current property flood risk disclosure requirements are set at the state level and can vary quite significantly, Morgan Stanley analysts note how some states have begun implementing more stringent conditions following recent major events. Texas, for example, revised its flood risk disclosure requirements following Hurricane Harvey, with property owners now ... Read the full article

Louis Hobson to lead Chubb’s North America Flood Insurance division

24th September 2019

Insurer and reinsurer Chubb has appointed Louis Hobson as Senior Vice President (SVP) of Flood Insurance for North America, based in Chicago and reporting to Derek Talbott, Division President of Chubb's North America Property & Specialty Lines. In this role, Hobson will work alongside the firm's personal and commercial lines of ... Read the full article

Munich Re partners with AAIS to address US flood protection gap

24th September 2019

Munich Re has partnered with not-for-profit advisory organisation the American Association of Insurance Services (AAIS) to focus on improving flood insurance protection for US homeowners. The flood insurance protection gap in the US continues to expand alongside the heightened risk of flood, the partnership noted, particularly for homeowners outside major flood ... Read the full article

Spanish floods to drive industry loss upwards of €287mn, says Aon

20th September 2019

The major flooding that occurred in southeast and central Spain last week is likely to drive an insurance and reinsurance industry loss in excess of €287 million (US $318 million), according to analysts at Aon. The broker also estimated that insured losses would represent only a fraction of the total economic ... Read the full article

Insurance consortium CCS expects €203mn loss from Spanish floods

19th September 2019

The Consorcio de Compensación de Seguros (the Insurance Compensation Consortium, or CCS) is expecting to face a loss of approximately €203 million as a result of the recent flooding in Spain. Record-breaking rainfall in the south-east of the country last week caused catastrophic flash-flooding, bursting river banks, sweeping away cars, and ... Read the full article

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