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.

US MGA ShoreOne launches to tackle inadequate flood coverage

1st February 2021

ShoreOne, a new Massachusetts-based managing general agent, has announced its launch, combining traditional homeowners insurance with full flood coverage in a single policy. Its combined policy has been described as capable of filling the coverage gap affecting 4.8 million National Flood Insurance Program (NFIP) policyholders. ShoreOne will start in South Carolina, a ... Read the full article

UK gov’s flood resilience proposals welcomed by Flood Re

1st February 2021

State-backed reinsurance scheme Flood Re has welcomed proposals from the UK government to provide additional support for flood resilience measures which will ultimately assist in Flood Re's transition out of the market in the future. In July of 2019, Flood Re's Quinquennial Review proposed a range of changes designed to ... Read the full article

FloodFlash pays Storm Christoph claims on same day

25th January 2021

Parametric insurtech firm FloodFlash has issued pay-outs to policyholders affected by flooding from Storm Christoph, in many cases on the same day as the flooding occurred. The fastest claims took just 9 hours and 44 minutes from the property flooding to the client receiving the full settlement in their account, which ... Read the full article

Storm Christoph losses could reach £120mn: PwC

22nd January 2021

Analysts at PwC have estimated that insurance industry losses from Storm Christoph in the UK will likely total between £80 million and £120 million. Christoph brought widespread flooding across England and Wales this week, prompting evacuations from a “large number” of homes in South Wales. About 2,000 homes in the Didsbury and ... Read the full article

FEMA secures $1.153bn of NFIP flood reinsurance for 2021

5th January 2021

The U.S. Federal Emergency Management Agency (FEMA) has secured $1.153 billion of flood reinsurance for the National Flood Insurance Program (NFIP) for 2021, at a premium of $195.8 million. It was announced in September of 2020 that FEMA had returned to the traditional reinsurance market and commenced the procurement of ... Read the full article

Kyushu flood & Typhoon Haishen losses estimated at $1.7bn

18th December 2020

The General Insurance Association of Japan (GIAJ) has released new data relating to the Kyushu floods and Typhoon Haishen that impacted Japan earlier this year, showing combined re/insurance industry losses to be around US $1.7 billion. The southern Japanese island of Kyushu experienced record-breaking heavy rain in the prefectures of Kumamoto ... Read the full article

Broad support for flood performance certificates, says Flood Re

10th December 2020

New research released from government-backed reinsurer Flood Re shows an overwhelming majority of prospective home movers are backing the introduction of a Flood Performance Certificate. Much like an Energy Performance Certificate (EPC), the Flood Performance Certificate would provide prospective buyers and renters with a clear overview of the flood risk posed ... Read the full article

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