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.
MP’s call for Australia’s cyclone reinsurance scheme to cover fires and floods
10th March 2022
The Guardian Australia has reported that state and federal MPs representing flood-affected communities in Australia have called for the planned commonwealth cyclone reinsurance scheme to be expanded to cover other natural disasters. According to the Insurance Council of Australia, the estimated current cost of claims is now just over $1 ... Read the full article
IAG receives 24,000 claims for Sydney floods
9th March 2022
IAG has reportedly received around 24,000 claims across its brands for the floods and storms, including approximately 3,500 claims from the widespread flooding which has occurred across Sydney over the last three days. As weather is still affecting the eastern seaboard and given limited access to impacted areas, it is too ... Read the full article
Australian flood costs reach $1.62bn
9th March 2022
The current estimated costs from the flooding in Australia’s Queensland and New South Wales areas are now up to $1.62bn, according to the Insurance Council of Australia (ICA). According to the ICA, insurers have now received 107,844 claims, with overall loss now up from an initial estimate of $900m. Read the full article
Australian flood costs reach $1.45bn
8th March 2022
The current cost for the floods in South-East Queensland and New South Wales has reached $1.45bn, according to the Insurance Council of Australia (ICA). This latest release from the ICA means that the cost of the floods has risen from an initial estimate of $900m, to $1.3bn, to this ... Read the full article
Australian flood claims rise again to $1.3bn
7th March 2022
Insurers have received over 86,000 claims related to the floods in south-east Queensland and New South Wales, says the Insurance Council of Australia (ICA). The ICA says that most claims (72%) comes from Queensland, and that 83% of the total claims are for domestic property, with the remainder being motor vehicle. The ... Read the full article
Estimated total flood claims reach AUD$1bn: ICA
4th March 2022
The Insurance Council of Australia (ICA) has reported that insurers have received 67,537 claims related to the ongoing flooding in South-East Queensland and New South Wales, a 12% increase from yesterday’s claims count, indicating that the rate at which claims are coming in is slowing. 76% of those claims were from ... Read the full article
Australian flood claims rise again as ICA provides $900m insured loss estimate
3rd March 2022
Claims from the ongoing flooding in Southeast Queensland and New South Wales have increased by a further 25% on yesterday's count to 60,163, resulting in estimated cost of approximately $900 million, according to the Insurance Council of Australia (ICA). Of the total, 46,235 claims are from Queensland and 13,928 are from ... Read the full article
Australian flood claims continue to rise, says ICA
2nd March 2022
The Insurance Council of Australia (ICA) has reported that 48,220 claims have been made related to the flooding in South-East Queensland and the New South Wales coast, this is a 53% increase on yesterday’s claims count and demonstrates the significant impact of this event. 37,807 of these claims are from Queensland, ... Read the full article
Australia floods trigger insurance catastrophe declaration
28th February 2022
Severe weather and flooding has resulted in the Insurance Council of Australia (ICA) declaring an insurance catastrophe for Southeast Queensland, as well as areas of New South Wales and the Mid-North Coast region. The catastrophic conditions have now been ongoing since February 21st, with record flood levels recorded in the Mary ... Read the full article
FEMA taps capital markets for $450m of flood reinsurance for NFIP
24th February 2022
The U.S. Federal Emergency Management Agency (FEMA) has again turned to the capital markets to secure an additional $450 million of reinsurance for the National Flood Insurance Program (NFIP), via its fifth FloodSmart Re Ltd. catastrophe bond transaction. The issuance of FloodSmart Re Ltd. (Series 2022-1), FEMA's special purpose insurer, ... Read the full article
Liberty Specialty Markets launches personalised flood warning initiative
22nd February 2022
Liberty Specialty Markets (LSM) has launched an initiative to help commercial clients understand the real-time danger and impact and flooding. The scheme will see flood-affected commercial clients receive personalised warnings and graphical representations of water levels in their immediate area, allowing them to take action to protect their premises from flood ... Read the full article
Munich Re backs $15m funding round for FloodFlash
10th February 2022
Parametric insurtech firm FloodFlash has secured $15 million in a Series A round of funding that was led by Chicago-based Buoyant Ventures with Munich Re Ventures also featuring as an investor. Sony Financial Ventures/Global Brain, MS&AD Ventures and PropTech1 all participated in the round alongside existing investors Pentech, Local Globe and ... Read the full article
Neptune Flood writes its 100,000th policy
9th February 2022
Neptune Flood has announced it has written its 100,000th policy. The flood insurer, which opened for business in 2018, said it has now expanded its reach to 48 states, plus Washington DC with its residential, commercial, and condominium flood insurance products. Jean-Luc Eckstein, chief customer officer for Neptune Flood, said that the ... Read the full article
Jefferies pegs 2021 insured cat losses at $122bn+
8th February 2022
2021 has proven to be the fifth consecutive year of above average claims from natural catastrophes, with insured losses totalling $122.4 billion, primarily due to the quantity of medium-sized losses across multiple perils and regions, according to analysts at Jefferies. Jefferies also expects that with insured losses at 58% above average, ... Read the full article
JBA Risk Management releases new UK Flood Model
7th February 2022
JBA Risk Management has released its new UK Flood Model for insurers. As part of its launch, the firm said that it had done a new analysis that suggested that a quarter of UK properties were at risk of flooding. It estimated that the cost of this would be £527m to ... Read the full article