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.
ReThought Flood joins AAIS Partner Program for enhanced flood risk assessment
9th May 2024
The American Association of Insurance Services (AAIS) has announced that reThought Flood will be joining its Partner Program, bringing its innovative technological solution for underwriting flood insurance to enhance the accuracy of risk assessment. The AAIS Partner Program offers members exclusive access to premium products and services, enabling them to streamline ... Read the full article
ICEYE launches advanced flood data products for Canadian insurers
3rd May 2024
ICEYE, a provider of satellite-powered disaster management solutions, has launched its Flood Insights and Flood Early Warning products for Canada, providing insurers with rapid access to real-time flood data across the country. Given that floods cause the most damage of any peril in Canada and are expected to escalate in frequency ... Read the full article
Neptune Flood to enhance AI-driven flood insurance solutions with new acquisition
2nd May 2024
Private flood insurance company Neptune Flood has acquired Charles River Data, a renowned Boston-based data science consulting group, marking a significant milestone in the company’s growth strategy. According to the announcement, this strategic move aims to bolster Neptune Flood's Triton underwriting system through advanced data science, machine learning, and artificial intelligence ... Read the full article
Addresscloud and JBA Risk partner for flood risk management in Europe
24th April 2024
Geo-coding and property intelligence expert, Addresscloud, has partnered with flood specialist JBA Risk Management to map the flood risk of over 280 million buildings across mainland Europe. With this new service, insurers, reinsurers, and brokers will be able to identify in less than a second, the indicated flood risk at a ... Read the full article
UAE floods prompt concerns for local insurance sector: S&P
23rd April 2024
Following unprecedented rainfall and widespread flooding in the United Arab Emirates (UAE), concerns have arisen regarding the local insurance sector's capacity to handle the expected surge in motor and property damage claims, according to analysts at S&P Global Ratings. On April 15-16th, the UAE experienced the heaviest downpour since records began ... Read the full article
Insurers in Slovakia to implement Intermap’s flood risk solution for insurance applications
22nd April 2024
KBC Slovakia and UNIQA Slovakia have signed multiyear subscriptions to Intermap Technologies’ Aquarius RMA software and the latest generation of flood risk solutions for Slovakia. Intermap is a provider of geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. ČSOB Poisťovňa and ČSOB ... Read the full article
Southwest Asia, UAE storms & floods to drive hundreds of millions in losses: Aon
19th April 2024
Heavy rainfall, storms, and widespread flooding hit Southwestern Asia, notably the United Arab Emirates (UAE), between April 8-17, causing significant economic and insured losses estimated to potentially reach into the hundreds of millions of USD, according to Aon’s weekly cat report. The UAE’s National Center for Meteorology recorded a record-breaking 24-hour ... Read the full article
Low penetration, extensive reinsurance suggests UAE flooding will be manageable for insurers: AM Best
18th April 2024
Analysis by AM Best discloses that low insurance penetration, coupled with extensive reinsurance cover, should keep the cost borne by United Arab Emirates (UAE) primary insurers at a manageable level after the recent extreme weather that caused severe flash flooding. Rating agency AM Best suggests the flash flooding has caused a ... Read the full article
FloodFlash launches advanced BI coverage pre-hurricane season
15th April 2024
FloodFlash, a parametric flood insurer, is introducing Flood BI, a new product designed to support business interruption (BI) coverage in the United States. Key features of Flood BI include unrestricted spending of claim payments, rapid payment within weeks of flooding, expert support throughout the process, limits of up to $5 million ... Read the full article
ICEYE to help CDC explore flood impacts on public health and safety
4th April 2024
ICEYE, the global provider of satellite-powered disaster management solutions, has signed a new contract with the Centers for Disease Control and Prevention (CDC) to provide it with access to ICEYE Flood Insights for events across the US and its territories. As per the agreement, ICEYE will deliver these incited to teams ... Read the full article
Chubb’s new platform to provide agents quicker access to flood quotes
28th March 2024
Chubb Personal Risk Services (PRS) has launched Flood Insurance System, a new self-service platform designed to give agents quicker access to flood quotes. Integrated with the Chubb Agent Portal and Masterpiece EZ Quote homeowners platform, this new platform will give seamless support to agent’s personal lines business for primary and excess ... Read the full article
FEMA secures a further $575m of flood reinsurance for NFIP
11th March 2024
The U.S. Federal Emergency Management Agency (FEMA) has obtained reinsurance coverage through insurance-linked securities (ILS) reinsurance for the seventh time by entering a three-year reinsurance agreement, securing $575 million of coverage for the National Flood Insurance Program (NFIP). FEMA entered into the agreements with its transformer reinsurer, Hannover Re (Ireland) Designated ... Read the full article
Understanding likelihood of flood risks across portfolio vital, says JBA
1st March 2024
Flood specialist JBA Risk Management has warned about the risks associated with the failure to use good quality data and sophisticated climate change intelligence to understand the impact of floods on physical assets that would impact investors’ portfolios negatively. The warning comes as companies and organisations prepare to meet new annual ... Read the full article
Neptune addresses outdated NFIP limits with new excess flood insurance product
21st February 2024
Neptune Flood, a private flood insurance company, has recently introduced its new excess flood insurance product. This insurance offers additional coverage beyond what's provided by the National Flood Insurance Program (NFIP). With this excess flood policy, customers can get coverage beyond the maximum limit offered by the NFIP. This means they ... Read the full article
Merchants in India to benefit from WRMS Global & MIC Global new parametric flood resilience cover
19th February 2024
MIC Global, a full-stack embedded micro insurance provider, and WRMS Global, a climate and agriculture risk management company, have partnered to deliver parametric flood resilience cover to merchants and gig workers in India. According to the announcement, this is the first of a series of product innovations responding to increasing events ... Read the full article
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