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.

Flood Re sets 2039 goal for affordable risk-reflective pricing

11th July 2018

Flood Re, the UK's flood reinsurance facility, has outlined the changes it believes are necessary to achieve affordable risk-reflective pricing by 2039. The second transition plan, titled ‘Flood Re, Our Vision: Preparing for a future of affordable flood insurance’, covers 12 areas and includes limiting the risks of flooding, reducing the ... Read the full article

Widespread destruction following historic Japan floods

9th July 2018

Japan has suffered some of the worst flooding in its history over the weekend, with more than 100 people confirmed dead and widespread damage to homes and businesses reported. "The record rainfalls in various parts of the country have caused rivers to burst their banks, and triggered large scale floods and ... Read the full article

Simplitium expands ModEx platform with addition of FloodCat model

5th July 2018

Simplitium, a provider of risk analysis services, is to expand its catastrophe risk modelling platform ModEx to include the Australia flood model, FloodCat. The deal struck with modelling specialist Ambiental Risk Analytics means that the ModEx platform will integrate the most detailed building level flood model produced for Australia, providing re/insurers ... Read the full article

Zurich’s flood resilience alliance extended to 2023 with new $1bn funding goal

4th July 2018

The flood resilience alliance led by Zurich Insurance Group has been extended until 2023, with new five-year objectives including the generation of US $1 billion in additional funding for flood resilience programmes. The multi-sector alliance of non-governmental organisations (NGOs), academia, and risk management experts has already provided post-event recovery support to 110 ... Read the full article

Flood damages could double if coral reef destruction continues

28th June 2018

Annual expected damages from floods could double without the coastal protection benefits afforded by coral reefs, while annual storm damages could triple, according to a new study by Nature Communications. The study identified coral reefs as a vital component of coastal protection for both people and property, and calculated that, for ... Read the full article

JBA updates UK Flood Model for nationwide analysis at building level

25th June 2018

Insurers are now able to analyse floods at individual property level across the whole of the United Kingdom (UK) thanks to JBA Risk Management’s newly updated Flood Model. The model is underpinned by JBA’s widely-used 5m UK Flood Map and enables the re/insurance industry to more effectively manage flood risk by ... Read the full article

Aon launches significantly updated Thai flood modeling system

20th June 2018

Aon has announced significant updates and readjustments to its Thailand flood catastrophe model in an attempt to improve understanding of the peril and help "insurers increase resilience for businesses and communities." Aon highlights Thailand’s increasing exposure to frequent floods as a result of its growing population and economy. The region was ... Read the full article

Germany’s floods a ‘foretaste’ of future climate losses: Munich Re’s Faust

15th June 2018

The severe flooding that has affected western and southern Germany since mid-May 2018 is a ‘small foretaste’ of the effects of climate change on future weather-related disasters, according to Eberhard Faust, Munich Re’s Head of Research for climate risks and natural hazards. Many regions of the country have endured non-stop thunder, ... Read the full article

Information and education critical to tackling U.S flood risk, says Swiss Re’s Junge

6th June 2018

Tackling the challenge of U.S flood risk will require re/insurers to focus on educating property owners while at the same time developing more detailed resources, such as flood maps and risk models, according to Swiss Re Senior Treaty Underwriter Matt Junge. Although floods cause around $15 billion of economic damage every ... Read the full article

Hurricane Harvey flooding exposes widespread underinsurance: Lloyd’s

6th June 2018

The flooding in Houston caused by Hurricane Harvey in August 2017 has brought into relief the stark flood insurance protection gap for many communities in the U.S, according to the specialist insurance and reinsurance marketplace, Lloyd’s of London. Lloyd’s ‘After the Storms’ report assessed the damage caused by Hurricane Harvey, finding ... Read the full article

Damage from Australia’s Hobart storm reaches $50mn: Impact Forecasting

21st May 2018

Overall economic damage from the storm that hit the Australian city of Hobart, Tasmania over May 10-11 is currently estimated by local officials to have reached around AUD $50 million (USD $38 million), according to Impact Forecasting, Aon Benfield’s catastrophe risk modeller. A complex low-pressure system brought rain, wind, hail and ... Read the full article

Insurance Council of Australia declares catastrophe following Hobart storm

11th May 2018

The Insurance Council of Australia (ICA) has declared a catastrophe following severe wind and flood damage from a storm that affected the city of Hobart, Tasmania over May 10-11, 2018. Record overnight rainfall brought flash-flooding to the capital of Australia’s island state, damaging property and sweeping away cars, while wind gusts ... Read the full article

Meteo Protect develops parametric solution following French floods

23rd April 2018

Parametric and weather index insurer, Meteo Protect has launched a new weather insurance product designed for river cruise boats and riverside businesses, which were adversely affected by the extreme precipitation and flooding in France in recent months. From December 2017 to February 2018, France experienced record-breaking levels of precipitation, which led ... Read the full article

$193bn disaster protection gap in 2017, reports Swiss Re’s sigma

10th April 2018

Swiss Re’s research institute, sigma, has reported that global insured losses from disaster events totalled a record US $144 billion in 2017, leaving a $193 billion deficit in coverage when compared with total global economic losses from natural disasters and man-made catastrophes, which reached $337 billion. Sigma noted that this was ... Read the full article

Flood Re suspends premium price increases

29th March 2018

Flood Re, the UK's flood reinsurance facility, has announced that this year it will freeze the premium prices it charges to insurers when they cede policies to the scheme, instead of imposing its usual annual increase in premium thresholds. This is the first time Flood Re has suspended premiums increases, as ... Read the full article

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.