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Hurricane Harvey flood damage up to $75bn, private insured loss over $10bn: AIR

7th September 2017

Risk modelling firm AIR Worldwide has provided an estimate of the total property damage from hurricane Harvey's flooding at between $65 billion and $75 billion, while the risk modeller also estimates private insured wind, surge and flood losses of over $10 billion. The flooding property loss of up to $75 billion ... Read the full article

JBA’s flood risk models added to Aon Benfield and Boat Oasis platforms

5th September 2017

The JBA Risk Management probabilistic UK flood risk model has been included in the Elements platform by reinsurance broker Aon Benfield and a range of JBA flood models have also been added to the Boat Oasis shared services risk modelling platform. Aon Benfield said it was teaming up with JBA to ... Read the full article

April/May flooding in Quebec & Ontario results in over CA$223mn insured loss: IBC

4th September 2017

Two storms and subsequent major flooding in parts of Ontario and Quebec in early April, combined with a severe flooding event in the regions during early May, 2017, has resulted in an insurance industry loss of over CA$223 million (US$179 million), reports the Insurance Bureau of Canada (IBC). This is according ... Read the full article

NFIP receives over 67,000 Harvey claims, puts reinsurance in play

4th September 2017

The National Flood Insurance Program (NFIP) has now received more than 67,000 claims due to hurricane Harvey's flooding in Texas alone, a figure which puts the NFIP's reinsurance clearly in play. The 67,000 claims had been recorded by the end of the 2nd September, having risen from 51,000 on the 31st ... Read the full article

Aon launches flood replacement cover for Harvey hit organisations

30th August 2017

Insurance and reinsurance broking giant Aon has launched a flood insurance replacement product for those organisations that have been hit by flooding related to hurricane Harvey and have impaired or exhausted their coverage limits on property policies. Aon Risk Solutions, Aon plc's global risk management business, has created a flood limit ... Read the full article

Hurricane Harvey floods could bring NFIP reinsurance into play

29th August 2017

The flooding caused by hurricane Harvey's torrential rainfall continues and is in many cases worsening, with it being termed "catastrophic" and the worst rainstorm in American history. Flood losses to residential homes are of course dealt with by the National Flood Insurance Program (NFIP), where coverage has been purchased and that ... Read the full article

ISO’s new commercial flood program offers coverage that’s excess of the NFIP

11th August 2017

ISO, a Verisk Analytics business, has announced a new commercial flood insurance program that provides insurers with the ability to set their own limits and offer additional protection for risks not covered by the National Flood Insurance Program (NFIP). ISO has announced that the new insurance program enables insurers to provide additional ... Read the full article

UK is at risk of record level rainfall every winter: Met Office

28th July 2017

In the current climate the UK is at risk of seeing record-level monthly rainfall each winter throughout the months of October to March, the Met Office said in a report issued as part of the government's National Flood Resilience Review. For England and Wales there's an over 30% chance of a ... Read the full article

‘Tasman Tempest’ storm drives NZ$62 million insured loss

19th July 2017

A storm that struck Auckland and the Coromandel, New Zealand over the 7th and 12th of May, 2017, has resulted in an insurance industry loss of NZ$62 million (roughly US$46 million), an increase of almost 48% from the provisional estimate, according to the Insurance Council of New Zealand (ICNZ). The storm, ... Read the full article

HCI insurance subsidiary gets approval to write flood insurance in Pennsylvania

18th July 2017

HCI insurance subsidiary, Homeowners Choice Property & Casualty Insurance Company, has received regulatory approval to write flood insurance in Pennsylvania. The re/insurers proposed rates and forms are still awaiting approval from State regulators before HCI can begin expanding into the Pennsylvania market. Last month the re/insurer announced plans to begin the regulatory ... Read the full article

HCI Group to expand flood insurance offering to nine additional states

23rd June 2017

HCI Group announced its begun the regulatory process to expand flood insurance from its sole Florida market into nine additional states including Arkansas, California, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, and Texas. Paresh Patel, HCI Group’s chairman and chief executive officer, said;  “A core part of our long-term ... Read the full article

A U.S. flood reinsurance market boom? S&P Global

9th June 2017

The upcoming reauthorization of the National Flood Insurance Program (NFIP) has created a flurry of renewed interest in U.S. flood reinsurance, but with social and political uncertainties and the nature of flood risk itself remaining as significant obstacles, what kind of market growth is realistic for the foreseeable future? In a recent ... Read the full article

Sri Lanka natural disaster reinsurance expired just before floods

7th June 2017

The National Insurance Trust Fund (NITF) of Sri Lanka's failure to sign reinsurance arrangements that lapsed around two months ago means the organisation will have to use its own funds to pay compensation for property damage from recent flooding and landslides in the country. Reports from the Disaster Management Centre (DMC) claim ... Read the full article

Recent Canadian flooding unlikely to impact reinsurance: S&P

26th May 2017

While losses will cause a hit to insurers, the recent flooding that impacted parts of Canada in the provinces of Quebec, Northern Ontario and British Columbia is not anticipated to hurt reinsurers or affect reinsurance protection. Rating agency Standard & Poor's says that preliminary estimates put economic losses from the flooding ... Read the full article

Re/insurance essential in the management of rising, global flood risk: Guy Carpenter

18th May 2017

International reinsurance brokerage, Guy Carpenter, recently held a forum in Berlin, Germany that underlined the importance of utilising efficient and effective re/insurance capacity and solutions to improve flood risk management, one of the world's most costly perils. Flood risk is one of the world's most advancing and evolving perils, driving high ... Read the full article

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