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.
30th July 2021
Despite the recent floods in Henan potentially becoming one of China’s largest insured loss events ever, its non-life insurers will be able to manage and absorb the losses, according to a new report by rating agency AM Best. In the report, the rating agency noted that the heavy insured toll can ... Read the full article
29th July 2021
ReThought Insurance has completed a $15.5 million Series A investment round to help fund its growth within the flood insurance market. The insurer writes flood coverage for complex mid-tier commercial risks and high net worth properties, but is also developing offerings for other perils. The funding will go towards providing funding for ... Read the full article
28th July 2021
Catastrophe risk modeling firm AIR Worldwide has stated that insured losses in Germany from July’s flooding could approach €5 billion. For five days a low pressure system known as “Bernd” sat over central Europe and brought about significant flooding. Germany’s Rhineland-Palatinate and North Rhine-Westphalia regions were particularly affected, experiencing heavy and, in ... Read the full article
28th July 2021
Rating agency AM Best has kept agricultural insurer, Zhongyuan Agricultural Insurance’s (ZYIC) Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+”, following the heavy rains that have flooded the province of Henan, China since July 19th. This extreme weather disaster, which has affected the central and ... Read the full article
27th July 2021
The German Insurance Association (GDV) has updated its insurance and reinsurance industry loss estimate for the recent flooding that devastated parts of the country to between €4.5 billion and €5.5 billion, of which around two-thirds are for damages in Rhineland-Palatinate. Over July 13th to 18th, major flooding impacted parts of Central ... Read the full article
22nd July 2021
Analysts at Moody’s have labelled the recent catastrophic flooding in Germany as a “consequence of climate change,” and warned that German insurers could find it challenging to protect homeowners against climate risk in future without significant price increases. The floods, which impacted the southern part of the German federal states of ... Read the full article
21st July 2021
Analysis from ICEYE, who builds and operates its own commercial constellation of SAR satellites, shows that a minimum of 43,400 buildings across Europe are estimated to have been impacted by recent flooding in the region. ICEYE operates a constellation of synthetic aperture radar satellites and through its Flood Monitoring Solution, offers ... Read the full article
21st July 2021
The devastating flooding experienced in the German states of North Rhine-Westphalia and Rhineland-Palatinate is expected to drive insurance and reinsurance industry losses of between €4 billion and €5 billion, according to the German Insurance Association (GDV). Last week’s flooding impacted parts of Central and Western Europe, including Belgium, the Netherlands, and ... Read the full article
20th July 2021
Analysts at Berenberg have warned that recent flooding in parts of Europe will drive reinsurance industry losses of between €2 billion and €3 billion, while the economic hit from the event is projected to be much higher. Last week’s flooding impacted many parts of Central and Western Europe, including Belgium, the ... Read the full article
19th July 2021
Analysts at Aon have warned that “a large portion of the damage” from the recent catastrophic flooding in Europe will be uninsured, even as re/insurers brace for a multi-billion-dollar loss overall. Last week’s flooding impacted many parts of Central and Western Europe, including Belgium, the Netherlands, and Switzerland, although Germany remains ... Read the full article
16th July 2021
Ernst Rauch, Chief Climate and Geo Scientist at Munich Re, has said that events such as the recent catastrophic flooding in Germany are “very likely related to climate change,” and are set to grow in both frequency and intensity. This week’s flooding has impacted many parts of Central and Western Europe, ... Read the full article
16th July 2021
The insurance and reinsurance industry is expecting losses in the billions of Euros as a result of catastrophic flooding across parts of Europe, with the event poised to become one of the costliest flood episodes on record. In Germany, hundreds of people are missing and more than 100 lives have been ... Read the full article
14th July 2021
Global reinsurance giant Swiss Re has partnered with Milliman, Inc. to deliver a new simplified flood solution via the latter's open advisory and rating organization, Milliman Appleseed. Developed by Swiss Re, the new flood offering has been designed to provide flexible coverage for low and moderate flood risks. According to the pair, ... Read the full article
18th June 2021
The Insurance Council of Australia (ICA) says that insurers have so far received more than 15,700 claims from the recent severe weather affecting regions across metropolitan and regional Victoria, with more claims expected to be lodged over the coming days and weeks. The estimated cost is thought to be around $144 ... Read the full article
17th June 2021
Neptune Flood, an insurtech firm focused on the flood market, has surpassed $20 billion in total insured property value, the company has confirmed. Trevor Burgess, CEO of Neptune Flood noted that the insurtech managed to reach this milestone in under four years since launching. With over 70,000 clients and 6,000 active insurance ... Read the full article
