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.
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
AM Best suggests pretty significant flood protection gap in California from recent storms
12th February 2024
Recent storms in California have caused heavy flooding in the state resulting in significant economic losses, many of which may not be insured, warned David Blades, associate director, industry research and analytics at AM Best. He stated: “After long periods of drought in California over the past couple decades, the state ... Read the full article
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
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