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.

$2.81bn of Australian East Coast flood claims now closed

30th September 2022

The Insurance Council of Australia (ICA) has released new data showing more than half of insurance claims related to the February and March floods have been closed, with the latest figures revealing a 10% increase from last month amounting to $2.81bn or 54%. Read the full article

Hurricane Ian batters Florida as a major Cat 4 storm

29th September 2022

Hurricane Ian made landfall on Wednesday as a major Category 4 storm with maximum sustained winds of around 155 mph near the Cayo Costa area, bringing widespread flooding, property damage, and power outages. The NHC warned of severe and life-threatening storm surge inundation of as much as 8 to 10 feet ... Read the full article

Insurers need partners to reduce flood risk worldwide: Triple-I

28th September 2022

Analysts from the Insurance Information Institute(Triple-I) have stated that insurers need partners to reduce the threat flooding poses to life and property worldwide, and are taking several steps to achieve this. Advances in data and communication, as well as in collaboration and innovation are needed to achieve such a mindset focused ... Read the full article

ICEYE enters into pilot flood scheme with If P&C Insurance

14th September 2022

ICEYE, a world-leading provider of natural catastrophe data, has launched a pilot scheme with If property & casualty (P&C) Insurance to use its Flood Insights product. The data and insights that ICEYE provides enables users to gain rapid situational awareness of any flood event globally. High resolution flood imagery is captured via ... Read the full article

Australia flood loss up 29% to $6.3bn in fresh PERILS update

13th September 2022

Catastrophe loss aggregator PERILS has provided a new insurance industry loss estimate of AUD 6.292 billion (USD 4.329 billion) for the devastating Eastern Australia floods that occurred over February and March this year. This update represents a significant 29% increase over the previous loss estimate of AUD 4.895 billion (USD 3.367 ... Read the full article

European flood added to PERILS database

12th September 2022

Zurich-based catastrophe loss aggregator PERILS has expanded its market coverage to include exposure and event loss data for European floods. The new service, which comes in the wake of devastating floods across Europe in 2021, will enhance the firm’s existing windstorm coverage across the continent. The expanded coverage means that data for ... Read the full article

Generali Romania partners with Intermap for flood risk assessment solution

5th September 2022

Intermap Technologies has announced Generali Romania is expanding its risk assessment capabilities by incorporating Intermap's Aquarius RMA (Aquarius) cloud-based flood risk solution into its core insurance processes. The Aquarius software solution is composed of multiple analytics and geocoding capabilities which will provide Generali Romania with a comprehensive picture of the possible ... Read the full article

Santam passes most of $257m flood loss to reinsurers

1st September 2022

South African insurer Santam has reported its results for the first six months of 2022, which include a gross exposure of R4.4 billion (USD 257 million) to flooding in the KwaZulu-Natal province. However, the company’s net impact from the floods was limited to R566 million (USD 33 million) thanks to its ... Read the full article

Claims from Eastern Australia floods reach $5.28bn

30th August 2022

The Insurance Council of Australia (ICA) has estimated that $5.28 billion is the cost of this year’s floods across South-East Queensland and northern New South Wales. Severe flooding impacted these states around six months ago; induced by an extended period of heavy rainfall in February and March. A monsoon trough along the ... Read the full article

Climate change negatively impacting home insurance affordability in Australia: Finity

30th August 2022

The severe impact of climate change is widening the gap in home insurance affordability for Australian households, says a recent green paper report from Finity. The Australian insurance industry has seen increasing losses from extreme weather-related events over the last ten years, despite allowing for inflation and exposure growth. 2022 has ... Read the full article

Fathom and Reask announce “strategic” partnership

23rd August 2022

Flood risk modeller Fathom has partnered with Reask, a climate risk analytics firm specialised in atmospheric hazard models, to create combined wind and flood risk models. This “strategic” partnership aims to provide insurers, banks and ESG-focused investors with an unparalleled view of risk data on the combined impact of flood and ... Read the full article

Korean flooding losses to hamper non-life insurers’ earnings: Fitch

16th August 2022

A Fitch Ratings report has estimated insurance losses from the severe floods in South Korea will place pressure on the financial performance of the country’s non-life insurers. Industry estimates indicate that insurance claims from the flooding are likely to exceed KRW 150bn, or less than 0.2% of Korea’s entire non-life direct ... Read the full article

Inland floods pose limited credit impact to U.S. P/C (re)insurers: Fitch Ratings

12th August 2022

A Fitch Ratings report has said that the recent numerous inland flood events are expected to have a negligible credit impact on the U.S. P/C industry and are unlikely to affect individual insurers' or reinsurers' capital or earnings. Despite the tragic loss of life and significant economic losses in affected areas, ... Read the full article

Seoul flooding losses “manageable” for Korean re/insurers

12th August 2022

Losses from record rain-induced floods in Korea should be manageable for Korean property and casualty insurers, with reinsurers like Korean Reinsurance Co. also being able to absorb the rainfall losses. Homes, roads and subway stations in the South Korean capital have been flooded as a result of record downpours, which have ... Read the full article

Insured losses from catastrophes above 10-year average at $38bn in H1: Swiss Re

2nd August 2022

Globally, insurance and reinsurance industry losses from natural catastrophes hit $35 billion in the first half of 2022, which is 22% higher than the average for the past decade, according to Swiss Re Institute. Floods and other secondary perils continued to wreak havoc in the opening six months of 2022, and ... Read the full article