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.

FEMA reportedly planning mid-year NFIP reinsurance placement: Artemis

5th March 2018

Artemis has reported that the U.S. Federal Emergency Management Agency (FEMA) is planning for a potential mid-year 2018 reinsurance placement for the National Flood Insurance Program (NFIP), as it looks to expand the reinsurance program it started last year. During a keynote speech at the SIFMA IRLS 2018 conference in Miami, Roy E. ... Read the full article

Paris flood waters expected to rise after river Seine breaks banks

25th January 2018

Intense rainfall continues to hit Paris with the already swelled river Seine expected to continue rising until Saturday, causing roads, metros and monuments to be closed across the City. Forecasters have predicted that the flooding in Paris is going to worse, with authorities predicting that the river Seine will reach more ... Read the full article

Verisk’s ISO business expands personal lines flood insurance programme

12th January 2018

Verisk has launched a new personal lines flood insurance program designed to make flood coverage widely available to homeowners anywhere in the United States through its ISO business. "The floods of recent years have highlighted the inadequacy or complete lack of coverage for many Americans, including those who didn't think they ... Read the full article

Canopius agrees to cede risks to Flood Re

14th December 2017

Global specialty insurer and reinsurer, Canopius, has agreed to cede risks to Flood Re, the UK's Government-backed flood reinsurance scheme. The agreement aims to enable UK homeowners living in flood prone areas with access to more effective insurance solutions. The UK Government has pledged support of the Flood Re scheme until 2039, ... Read the full article

142,000 at risk households now benefit from Flood Re policies

12th December 2017

The latest data from the UK’s government-backed reinsurance scheme, Flood Re, shows that as at September 30th, 2017, the number of policies benefiting from Flood Re increased to 142,000. Flood Re aims to make flood insurance more accessible to property owners in the UK, and its latest data reveals that 77,000 policies ... Read the full article

FEMA set for full $1.024 billion NFIP flood reinsurance recovery

6th December 2017

The U.S. Federal Emergency Management Agency (FEMA) is set to recover the full $1.024 billion under its 2017 flood reinsurance program for the National Flood Insurance Program (NFIP), as its estimates show the entire layer blown by losses from hurricane Harvey. The 2017 reinsurance program was placed in January 2017 and ... Read the full article

Renewal process for 2018 NFIP flood reinsurance program gets underway

15th November 2017

The U.S. Federal Emergency Management Agency (FEMA) has begun the procurement process for a 2018 flood reinsurance program renewal for the National Flood Insurance Program (NFIP), to be effective on or about January 1st, 2018. In 2016 FEMA tested the waters with reinsurance protection, purchasing just $1 million of protection ... Read the full article

FEMA selects AIR Worldwide flood risk model for NFIP

13th November 2017

The Federal Emergency Management Agency (FEMA) has selected AIR Worldwide’s Inland Flood and Storm Surge risk models for the United States to help it to get a better understanding of the National Flood Insurance Program’s (NFIP) loss potential. By taking up the AIR flood risk model, FEMA will benefit from a ... Read the full article

Recent events highlight expanding U.S. protection gap

27th October 2017

The impact of recent hurricanes in the third-quarter of 2017 on parts of the U.S. brings the country's protection gap into focus, with greater insurance penetration required for what's considered the most developed market in the world. Hurricanes Harvey and Irma brought intense and damaging levels of rainfall, flooding and surge ... Read the full article

AIR launches inland flood model for Japan

24th October 2017

Global catastrophe risk modeller, AIR Worldwide, has launched a new inland flood model for Japan and enhanced the Japan typhoon model, providing a more comprehensive view of the country's flood risk. The models are available through Version 5.1 of AIR's catastrophe risk modelling software, Touchstone, and CATRADER Version 19.1 catastrophe risk ... Read the full article

Hiscox Re and ILS looks to narrow flood protection gap with FloodXtra

17th October 2017

In an effort to address the flood protection gap (disparity between economic and insured losses post-event), Hiscox Re and ILS has launched FloodXtra, a new solution for U.S. personal lines flood insurers. The flood protection gap in the U.S. was highlighted recently by hurricanes Harvey and Irma, a reminder to the ... Read the full article

Insured losses from August Canada floods reach $124 million

28th September 2017

Late August flooding in Canada's Windsor region has caused more than $124 million in insured damage, according to the Insurance Bureau of Canada (IBC). Rains of up to 290 millimetres brought major flooding to Windsor, Tecumseh, and other parts of Essex County. The Windsor Airport broke a rainfall record, receiving 100 millimetres ... Read the full article

RMS appoints Pete Dailey VP, Global Flood Models team

25th September 2017

International catastrophe risk modeller, RMS, has named Pete Dailey Vice President (VP), to oversee the impending launch of the company's U.S. Inland Flood Model, which is scheduled for spring 2018. Dailey brings more than 15 years of industry experience to the role, and will lead flood model development in RMS' California ... Read the full article

Progressives auto loss from Harvey lower than analysts expected

20th September 2017

Insurance group The Progressive Corporation has reported its August catastrophe losses, including the impacts of hurricane Harvey, and the company has revealed auto insurance losses from the storm that are lower than analysts had forecast by quite a margin. Progressive has reported total catastrophe losses of $254 million for August, with ... Read the full article

Hurricane Harvey flood damage up to $75bn, private insured loss over $10bn: AIR

7th September 2017

Risk modelling firm AIR Worldwide has provided an estimate of the total property damage from hurricane Harvey's flooding at between $65 billion and $75 billion, while the risk modeller also estimates private insured wind, surge and flood losses of over $10 billion. The flooding property loss of up to $75 billion ... Read the full article

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