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Guy Carpenter launches new Vietnam flood model

10th November 2020

Guy Carpenter, the reinsurance arm of global brokerage Marsh, has announced the launch of its new flood model for Vietnam. The probabilistic model will provide full national coverage and help re/insurers to assess their exposure to floods – a peril that affects 70% of the population in Vietnam. The Guy Carpenter Vietnam ... Read the full article

Lloyds Bank & Previsico partner on flood resilience

10th November 2020

Live flood forecasting insurtech firm Previsico has announced that it will join the Launch Innovation Lab, powered by Lloyds Banking Group, to develop solutions for flood resilience. Together, Previsico and Lloyds will work to develop a solution for Lloyds home insurance customers, against a backdrop of increasingly severe and frequent flood ... Read the full article

Flood Re says all homeowners policies should include flood insurance

6th November 2020

Flood Re, the UK’s government-backed reinsurance scheme, has welcomed the key findings of a review into a 2019 flooding disaster, which recommends that all homeowners policies should include flood cover as standard. The Blanc review, commissioned by the UK government back in April, sought to investigate why many of the ... Read the full article

Flooding in French Alps to drive €210mn insured loss

20th October 2020

According to a joint communication from CCR and the French Insurance Federation (FFA), recent flooding in the south east French Alps could cause up to €210 million in insured losses. The industry should expect to record a total of 14,000 claims related to the event, the statement said, of which 8,250 ... Read the full article

National Flood Services awarded NFIP contract

8th October 2020

US flood solutions provider, National Flood Services, has announced that it has been awarded the National Flood Insurance Program Direct (NFIP) service provider contract. NFIP facilitates the issuance and administration of NFIP insurance policies on behalf of the Federal Emergency Management Agency (FEMA), an agency of the Department of Homeland Security. The ... Read the full article

JBA releases Climate Change Analytics data suite

6th October 2020

Flood risk modeller, JBA Risk Management (JBA) has announced the launch of its new Climate Change Analytics data suit. This new solutions has been developed to help banks, lenders, investors, and the wider global financial sector to understand the potential long-term impacts of climate change and to meet regulatory requirements. The launch ... Read the full article

UK must take flood risk more seriously, says Flood Re CEO

28th September 2020

Flood Re Chief Executive Officer (CEO) Andy Bord has said that the UK “must take flood-risk more seriously,” and stressed the urgency of building a more flood resilient country. In a recent interview with Reinsurance News, Bord discussed how Flood Re is working with the government to address the challenges facing ... Read the full article

CoreLogic report highlights opportunity in flood under-insurance

25th September 2020

A report from leading global property information company CoreLogic has highlighted the opportunities for private insurers to protect homeowners from flood risk inside and outside of the National Flood Insurance Program (NFIP). After Hurricane Harvey in 2017, CoreLogic estimated that 70% of the flood damage was uninsured. Dr. Howard Botts, executive and ... Read the full article

Willis Re unveils new Indonesia Flood model

24th September 2020

Willis Re, the reinsurance arm of global brokerage Willis Towers Watson (WTW), has launched a new fully probabilistic Indonesia Flood model, developed in collaboration with the Willis Research Network (WRN) and the National University of Singapore (NUS) Tropical Marine Science Institute (TMSI). Willis Re's new Indonesia Flood model provides a comprehensive ... Read the full article

Hurricane Sally losses will largely fall to NFIP: AM Best

18th September 2020

Analysts at AM Best do not expect Hurricane Sally to constitute a major insurance industry loss due to its large flood component, which will mainly be covered by the US National Flood Insurance Program (NFIP). Hurricane Sally made landfall on the US Gulf Coast early on Wednesday morning, dropping massive amounts ... Read the full article

FEMA commences 2021 NFIP reinsurance renewal process

18th September 2020

The Federal Emergency Management Agency (FEMA) has returned to the traditional market and begun its procurement of reinsurance for the National Flood Insurance Program (NFIP), to be effective on or about January 1st, 2021. After testing the market with a limited placement in 2016, FEMA's NFIP has been leveraging reinsurance protection, ... Read the full article

PERILS puts insured property loss for Feb UK floods at £375m

1st September 2020

Zurich-based insurance data company, PERILS, has released an updated industry loss footprint for the floods in the United Kingdom in February 2020. The floods mainly affected Wales, the Midlands and Yorkshire from 9 to 29 February 2020. In total, an estimated 4,800 properties were flooded, although many more buildings were successfully ... Read the full article

Marsh’s Torrent highlights need for public-private sectors to join together on cat flood risk

26th August 2020

Marsh subsidiary and direct servicing agent of the National Flood Insurance Program (NFIP) Torrent Technologies has highlighted the need for public and private sectors to take collaborative action now in order to mitigate catastrophic flood risk. According to the report, 40% of the US population live in coastal counties today putting ... Read the full article

Previsico hires Business Development Manager

18th August 2020

Live flood forecasting specialist, Previsico, has announced that Lucy Coutts has been appointed as its latest Business Development Manager. This move is to support the company’s insurance expansion that’s being planned in the UK, US and beyond. The Insurtech company is currently based in the UK with a recent launch in the ... Read the full article

Flood Re welcomes government investment in resilience

14th July 2020

Flood Re, the UK’s government-backed reinsurance scheme, has welcomed an announcement that the government plans to invest in the country’s ability to tackle the risks of flooding and coastal erosion. The measures laid out in the proposals include a £5.2 billion investment to create around 2,000 new flood and coastal defences ... Read the full article

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