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.
FloodFlash working to ensure claims from UK flooding will be settled within the next week: CUO
5th January 2024
As parts of the UK continue to be impacted by severe flooding, Ian Bartholomew, Chief Underwriting Officer at flood insurance company FloodFlash, has confirmed that the company is working hard to ensure that most, if not all of its claims will be paid within the next week. After a powerful storm ... Read the full article
Neptune Flood announces expansion into Kentucky
29th December 2023
Neptune Flood, a provider of private flood insurance across the United States, has expanded into Kentucky, making residential, commercial, and RCBAP flood products available in the state. As a result, the company is now available across 49 states, as well as Washington, D.C. Trevor Burgess, Neptune's ... Read the full article
Cyclone Jasper sparks Australian floods, expected losses in the hundreds of millions of AUD / USD: Aon
22nd December 2023
In the aftermath of ex-tropical cyclone Jasper, which made landfall on December 13, far north Queensland, Australia, is grappling with unprecedented flooding that has led to emergency rescues, power outages, and substantial material losses. According to Aon’s latest weekly cat report released on December 22, the situation, exacerbated by record-breaking torrential ... Read the full article
Swiss Re acquires flood risk modeller Fathom
14th December 2023
Global reinsurance giant Swiss Re has acquired Bristol, UK-based provider of water risk intelligence and flood models, Fathom, which will retain its own brand and work closely with the firm's Reinsurance Solutions division to further develop and distribute its innovative flood and climate risk data, maps, and models. Swiss Re says ... Read the full article
Floodbase partners with Oneglobal to develop parametric flood insurance across Asia
6th December 2023
Insuterch Floodbase and Oneglobal, a commercial re/insurance broker, have announced plans to develop and distribute parametric flood insurance solutions across Asia. The two companies are partnering to close the flood insurance gap with what they describe as cutting-edge parametric flood insurance solutions. Connected through Lloyd’s Lab, the pair recognized the opportunity to ... Read the full article
CCR estimates cost of flooding in Hauts-de-France at €550mn
23rd November 2023
French reinsurer CCR has estimated the cost of flooding in Hauts-de-France at €550 million, at least half of which will be covered by the reinsurer’s natural catastrophe scheme. The region has experienced unconventional flooding due to a succession of rainy episodes associated with storm Ciarán, which also caused flooding in ... Read the full article
PERILS increases industry loss estimate for Emilia-Romagna floods to €509m
22nd November 2023
Zurich-based catastrophe insurance data provider PERILS AG has disclosed its third industry loss estimate for the floods in the Emilia-Romagna region of Italy during May 2023, upping the figure to €509 million. This compares to the previous loss estimates of €377 million and €488 million issued by PERILS six ... Read the full article
Insurance losses from Storm Babet to range between £450m-£650m: PwC
2nd November 2023
PwC UK anticipates insurance losses from Storm Babet to range between £450 and £650 million. The recent early autumn storms have left the UK vulnerable to flooding, resulting in extensive damage, power outages, and some fatalities. Highlighting the extent of the subsequent damage to residential and commercial properties, Mohammad Khan, General Insurance ... Read the full article
Previsico launches in New York to alleviate future losses following record flooding
1st November 2023
Live flood forecasting insurtech, Previsico, has announced that it has gone live in New York with its flood forecasting technology, following the recent record flooding that took place in the state, and US $2.2 million of further funding to support its accelerated growth across the US market. The insurtech's model showed ... Read the full article
Cacciatori urges integrated approach to strengthen UK’s insurance resilience post-Babet
1st November 2023
In the aftermath of Storm Babet and the looming threat of further weather-related disasters, Dr. Eugenia Cacciatori, Senior Lecturer in Management at Bayes Business School (formerly Cass), is calling for a comprehensive integration of insurance into the UK's resilience landscape. The recent early autumn storms, including the menacing Storm Ciarán, have ... Read the full article
Floodbase partners with Ag Guard to develop parametric flood insurance programs for ANZ
31st October 2023
Insurtech Floodbase has entered into a partnership with Ag Guard to develop and distribute parametric flood insurance programs across both Australia and New Zealand. Both companies are teaming up together to help close the ANZ flood insurance gap through jointly-developed parametric flood insurance programs that are designed to cover ag risk. The ... Read the full article
Floodbase and ARC Ltd. partner to address Africa’s flood insurance gap
25th October 2023
In a significant move towards mitigating the devastating impact of floods in Africa, Floodbase has recently announced a strategic partnership with African Risk Capacity Limited (ARC Ltd.). The collaboration aims to develop, distribute, and scale parametric flood insurance solutions across the continent. Floods have emerged as a critical humanitarian challenge in Africa ... Read the full article
NFIP reinsurance looks set to pay out as Hurricane Ian claims exceed $4.3bn
15th September 2023
The National Flood Insurance Program (NFIP) has now paid out more than $4.3 billion in claim payments for 2022's Hurricane Ian, which should mean that its reinsurance pays out, Reinsurance News has learned. A FEMA spokesperson told us that the more than $4.3 billion figure is as of September 12th, 2023, ... Read the full article
US private flood insurance market growing, business insurance a key driver: AM Best
30th August 2023
A new approach in determining rates for policies issued through the National Flood Insurance Program (NFIP), Risk Rating 2.0, appears to be moving more premium into the US private flood insurance market, says global ratings agency AM Best. Looking at the situation from a geographic standpoint, a considerable amount of flood ... Read the full article
Low flood insurance penetration in western US leaves residents facing significant financial risk: Moody’s
25th August 2023
With more frequent intense floods predicted for the future, residents in western US states need to consider flood insurance, urges Moody’s, as it highlights the region’s low flood insurance penetration rates in a recent report. According to the report, this low percentage of insurance penetration has left residents in California and ... Read the full article
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