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Economic losses from June flooding in south-eastern China hits almost $2bn: Aon

17th June 2019

Severe flooding from heavy rainfall that hit a number of provinces in south-eastern China during the first two weeks of June is expected to result in economic losses of almost $2 billion (CNY13.35 billion), with the majority of this unlikely to be covered by insurance protection. The latest weekly catastrophe report ... Read the full article

Fathom launches updated US flood model via ModEx platform

5th June 2019

Flood risk modeller Fathom has announced the launch of its updated US flood model, Fathom-US, via multi-vendor catastrophe risk modelling platform ModEx. Fathom-US incorporates the latest datasets available in order to model flood risk across river channels of all sizes, and for both fluvial and pluvial perils. The model has also been ... Read the full article

NFIP extended by two-weeks

31st May 2019

The House of Representatives recently passed a two-week extension of the National Flood Insurance Program (NFIP), which was set to expire on May 31st, 2019. The two-week extension enables the NFIP to continue issuing flood insurance policies at the start of the Atlantic hurricane season, which officially starts on Saturday June ... Read the full article

Swiss Re Corporate Solutions, Airbus Ariel partner on flood modelling tool

28th May 2019

Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group, has announced that its flood assessment tool FLOAT is to be powered by drone imagery and data from Airbus Aerial, a subsidiary of the global aerospace firm. FLOAT was designed to help companies assess the flood risks of ... Read the full article

Nat cats dent underwriting performance of Australian insurers in Q1: APRA

24th May 2019

Statistics on the performance of general insurers in Australia in the first-quarter of 2019, released by the Australian Prudential Regulatory Authority (APRA), shows that claims from natural catastrophe events contributed to a 32.4% decline in the underwriting result. The Quarterly General Insurance Performance Statistics report released by the APRA, shows that ... Read the full article

The private re/insurance sector is ready to tackle rising flood losses: Swiss Re’s Noriega, Wiese

21st May 2019

Insurers and reinsurers are ready to meet growing public desire for improved flood coverage as the risk of flooding to communities continues to rise across the globe, according to Swiss Re’s Santiago Noriega and Alexa Wiese. “On average, flooding affects more people worldwide than any other type of natural catastrophe because ... Read the full article

Flood Re & Lighthill Risk Network partner with re/insurers on flood modelling report

14th May 2019

Flood Re, the UK’s government-backed reinsurance scheme, has partnered with researchers at Lighthill Risk Network, as well as a number of re/insurers and brokers, to produce a collaborative report on ways to improve flood risk understanding and management. The research project compiles input from Swiss Re, SCOR, Allianz, Aspen, Lloyds TSB, ... Read the full article

Flood Re opens online facility for MGAs to cede risk directly

14th May 2019

Flood Re, the UK’s government-backed reinsurance scheme, has opened a new online facility for managing general agents (MGAs) that will allow them to cede policies directly to Flood Re on behalf of their insurer. Previously, MGAs had to collate and send ceding data through an insurer in order to apply for ... Read the full article

Re/insurers set to pay $1 billion+ for April nat cats: Aon

13th May 2019

The latest global catastrophe recap report from insurance and reinsurance broker, Aon, reveals that insurers and reinsurers are set to pay out more than $1 billion in losses from natural disaster events that occurred in the month of April 2019. Aon's April, global catastrophe recap report highlights an extremely active month ... Read the full article

PERILS updates Townsville flood loss estimate to AUD $1.04bn

10th May 2019

Catastrophe loss data aggregator PERILS has updated its insured loss estimate to AUD $1.041 billion (USD $728.28 million) for the floods that hit the Australian city of Townsville, Queensland in February 2019. The update compares with PERILS’ initial loss estimate of AUD $957 million (USD $669 million), which was issued ... Read the full article

AmWINs launches commercial property flood product with TFIA

3rd May 2019

Global specialty insurance provider AmWINS has launched a new commercial property flood product in conjunction with its recent acquisition of Florida-based MGA The Flood Insurance Agency (TFIA). The new product, called FloodFLEX, is designed to eliminate out-of-pocket expenses not covered by traditional flood insurance, AmWINS explained. FloodFLEX increases the loss payable ... Read the full article

Former NAIC heads welcome expansion in private U.S flood market

17th April 2019

Former National Association of Insurance Commissioners (NAIC) presidents Ted Nickel and John Huff have said they are encouraged by the recent expansion of the private flood insurance market and regulation in the U.S. “The Midwest continues to suffer from the effects of devastating floods, yet few homeowners have the necessary flood ... Read the full article

KatRisk enhances cat modelling engine, financial model

15th April 2019

Catastrophe risk modeller, KatRisk LLC has announced updates to its SpatialKat 2.0 and SoloKat+ software and data, further enhancing its sophisticated cat modelling engine and financial model. KatRisk has revealed a range of updates, noting the firms' ability to quantify U.S. flood risk, both inland and storm surge, by leveraging its ... Read the full article

Global flood events in March result in $8 billion of economic losses: Aon

9th April 2019

Flooding events across the world in the month of March has resulted in economic losses of roughly $8 billion, with approximately half of this coming from events that hit the U.S., according to global insurance and reinsurance broker, Aon. Aon's monthly global catastrophe report highlights numerous flood events, which, combined are ... Read the full article

“Vast majority” of Midwest flood damage to go uninsured: A.M. Best

5th April 2019

According to A.M. Best, the “vast majority” of the damages to property from the ongoing flooding in Nebraska and other states along the Missouri River, which is expected to exceed $3 billion, will be uninsured. The Midwestern U.S has experienced major floods since mid-March 2019, partly caused by a blizzard early ... Read the full article

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