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.
CCR estimates cost of flooding in Hauts-de-France at €550mn
23rd November 2023
French reinsurer CCR has estimated the cost of flooding in Hauts-de-France at €550 million, at least half of which will be covered by the reinsurer’s natural catastrophe scheme. The region has experienced unconventional flooding due to a succession of rainy episodes associated with storm Ciarán, which also caused flooding in ... Read the full article
PERILS increases industry loss estimate for Emilia-Romagna floods to €509m
22nd November 2023
Zurich-based catastrophe insurance data provider PERILS AG has disclosed its third industry loss estimate for the floods in the Emilia-Romagna region of Italy during May 2023, upping the figure to €509 million. This compares to the previous loss estimates of €377 million and €488 million issued by PERILS six ... Read the full article
Insurance losses from Storm Babet to range between £450m-£650m: PwC
2nd November 2023
PwC UK anticipates insurance losses from Storm Babet to range between £450 and £650 million. The recent early autumn storms have left the UK vulnerable to flooding, resulting in extensive damage, power outages, and some fatalities. Highlighting the extent of the subsequent damage to residential and commercial properties, Mohammad Khan, General Insurance ... Read the full article
Previsico launches in New York to alleviate future losses following record flooding
1st November 2023
Live flood forecasting insurtech, Previsico, has announced that it has gone live in New York with its flood forecasting technology, following the recent record flooding that took place in the state, and US $2.2 million of further funding to support its accelerated growth across the US market. The insurtech's model showed ... Read the full article
Cacciatori urges integrated approach to strengthen UK’s insurance resilience post-Babet
1st November 2023
In the aftermath of Storm Babet and the looming threat of further weather-related disasters, Dr. Eugenia Cacciatori, Senior Lecturer in Management at Bayes Business School (formerly Cass), is calling for a comprehensive integration of insurance into the UK's resilience landscape. The recent early autumn storms, including the menacing Storm Ciarán, have ... Read the full article
Floodbase partners with Ag Guard to develop parametric flood insurance programs for ANZ
31st October 2023
Insurtech Floodbase has entered into a partnership with Ag Guard to develop and distribute parametric flood insurance programs across both Australia and New Zealand. Both companies are teaming up together to help close the ANZ flood insurance gap through jointly-developed parametric flood insurance programs that are designed to cover ag risk. The ... Read the full article
Floodbase and ARC Ltd. partner to address Africa’s flood insurance gap
25th October 2023
In a significant move towards mitigating the devastating impact of floods in Africa, Floodbase has recently announced a strategic partnership with African Risk Capacity Limited (ARC Ltd.). The collaboration aims to develop, distribute, and scale parametric flood insurance solutions across the continent. Floods have emerged as a critical humanitarian challenge in Africa ... Read the full article
NFIP reinsurance looks set to pay out as Hurricane Ian claims exceed $4.3bn
15th September 2023
The National Flood Insurance Program (NFIP) has now paid out more than $4.3 billion in claim payments for 2022's Hurricane Ian, which should mean that its reinsurance pays out, Reinsurance News has learned. A FEMA spokesperson told us that the more than $4.3 billion figure is as of September 12th, 2023, ... Read the full article
US private flood insurance market growing, business insurance a key driver: AM Best
30th August 2023
A new approach in determining rates for policies issued through the National Flood Insurance Program (NFIP), Risk Rating 2.0, appears to be moving more premium into the US private flood insurance market, says global ratings agency AM Best. Looking at the situation from a geographic standpoint, a considerable amount of flood ... Read the full article
Low flood insurance penetration in western US leaves residents facing significant financial risk: Moody’s
25th August 2023
With more frequent intense floods predicted for the future, residents in western US states need to consider flood insurance, urges Moody’s, as it highlights the region’s low flood insurance penetration rates in a recent report. According to the report, this low percentage of insurance penetration has left residents in California and ... Read the full article
PERILS ups Emilia-Romagna flood industry loss estimate to €488m
22nd August 2023
Zurich-based catastrophe insurance data provider PERILS AG has increased its industry loss estimate for the floods in the Emilia-Romagna region of Italy during May to €488 million. According to PREILS, the loss estimate covers the property lines of business and is based on loss data collected from the Italian insurance market. This ... Read the full article
Private flood insurers grasp opportunities to grow market share across the US: Triple-I
18th August 2023
The US flood insurance market has grown 24% between 2016 and 2022, from $3.29 billion in direct premiums written to $4.09 billion, and it is against this background that private flood insurers are seizing opportunities to grow their market share, according to Triple-I This coincides with the federally backed National Flood ... Read the full article
Claims for China floods reach 260,600 as loss estimate hits $1.37bn
14th August 2023
China's insurance institutions have so far received 260,600 claims in the 16 regions affected by floods and geological disasters triggered by recent extreme rainfall, with the estimated losses set out in the claims totalling 9.78 billion yuan ($1.37 billion), according to the National Financial Regulatory Administration. In July, China was hit ... Read the full article
New US Flood Map provides “much needed” change in ability to understand flood risk: Fathom
9th August 2023
"For those in the business of assessing, taking on and managing risk, the data available via the US Flood Map provides a much needed and significant step change in the ability to understand flood risk in the US," suggests Dr Matthew Jones, Chief Product Officer at Fathom, a global leader ... Read the full article
FloodFlash partners with Hiscox to accelerate US growth ambitions
7th August 2023
Parametric flood insurance company FloodFlash has announced a new partnership with Hiscox to drive its US growth ambitions. "Hiscox is already an active participant in the US flood insurance market, and as a capacity provider for FloodFlash will support the market appetite for parametric as an efficient option for catastrophe covers," ... Read the full article