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.
Cypress Property & Casualty selects Taurus Flood as flood insurance service provider
12th February 2024
Cypress Property & Casualty Insurance Company, a provider of an array of insurance products to clients in Florida and Texas, has selected Taurus Flood to become their flood insurance service provider as they are a new participant in the National Flood Insurance Program’s (NFIP) Write-Your-Own (WYO) program. The NFIP’s WYO program ... Read the full article
Aviva highlights flood risks in recent UK housing developments
26th January 2024
A recent analysis by Aviva, the UK's largest home insurer, has unveiled concerning findings regarding the vulnerability of new homes in England to flooding. The study reveals that 8% of new homes built in the last decade, equivalent to nearly 110,000 properties, are located in flood-prone areas, specifically in national flood ... Read the full article
FloodFlash expands parametric product to a further 10 US states
16th January 2024
FloodFlash has expanded its offering, with Delaware, Iowa, Missouri, New Jersey, New York, Oregon, South Carolina, Washington, Vermont and Massachusetts now having unrestricted access to its parametric product. FloodFlash explained that minimum premiums apply for risks outside of the states. The firm added that due to demand, it has reduced that minimum ... Read the full article
Insured losses from Germany flooding under €1bn “if” flood dykes hold: MSK
8th January 2024
Onnen Siems, Managing Director of actuarial consultancy firm Meyerthole Siems Kohlruss (MSK), has noted that insured losses from the flooding in various regions in Germany will be less than €1 billion "if the flood dykes hold". Siems observed in a report on the matter that the situation is still tense, stating ... Read the full article
FloodFlash working to ensure claims from UK flooding will be settled within the next week: CUO
5th January 2024
As parts of the UK continue to be impacted by severe flooding, Ian Bartholomew, Chief Underwriting Officer at flood insurance company FloodFlash, has confirmed that the company is working hard to ensure that most, if not all of its claims will be paid within the next week. After a powerful storm ... Read the full article
Neptune Flood announces expansion into Kentucky
29th December 2023
Neptune Flood, a provider of private flood insurance across the United States, has expanded into Kentucky, making residential, commercial, and RCBAP flood products available in the state. As a result, the company is now available across 49 states, as well as Washington, D.C. Trevor Burgess, Neptune's ... Read the full article
Cyclone Jasper sparks Australian floods, expected losses in the hundreds of millions of AUD / USD: Aon
22nd December 2023
In the aftermath of ex-tropical cyclone Jasper, which made landfall on December 13, far north Queensland, Australia, is grappling with unprecedented flooding that has led to emergency rescues, power outages, and substantial material losses. According to Aon’s latest weekly cat report released on December 22, the situation, exacerbated by record-breaking torrential ... Read the full article
Swiss Re acquires flood risk modeller Fathom
14th December 2023
Global reinsurance giant Swiss Re has acquired Bristol, UK-based provider of water risk intelligence and flood models, Fathom, which will retain its own brand and work closely with the firm's Reinsurance Solutions division to further develop and distribute its innovative flood and climate risk data, maps, and models. Swiss Re says ... Read the full article
Floodbase partners with Oneglobal to develop parametric flood insurance across Asia
6th December 2023
Insuterch Floodbase and Oneglobal, a commercial re/insurance broker, have announced plans to develop and distribute parametric flood insurance solutions across Asia. The two companies are partnering to close the flood insurance gap with what they describe as cutting-edge parametric flood insurance solutions. Connected through Lloyd’s Lab, the pair recognized the opportunity to ... Read the full article
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
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