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.
South Africa’s New National partners with JBA for global flood data
27th April 2023
Specialist insurer New National Assurance has signed an annual agreement with flood risk modeller, JBA Risk Management (JBA), for the use of its flood data for South Africa. The data, which incorporates climate change intelligence, will be used by the insurer to underwrite property-risk for both personal and commercial lines. Additionally, ... Read the full article
ICA raises insured loss from 2022 Australia floods to $5.81bn
19th April 2023
The Insurance Council of Australia (ICA) has raised its estimate of insured losses from the devastating Eastern Australia floods that occurred over February and March in 2022 to AUD 5.81 billion, based on more than 240,000 claims lodged. This represents an increase of $160 million over the figure of $5.65 ... Read the full article
Understanding water risk essential for almost all businesses: AXA XL
11th April 2023
In a recent report outlining how firms can manage key water-related threats, researchers at AXA XL suggested that understanding water risks is essential for almost all businesses, regardless of the sector. Citing the international non-profit CDP, AXA XL states that the cost to businesses of inaction on water risks is 5x ... Read the full article
Closing flood protection gap requires new approaches: Zurich
27th March 2023
Closing the flood protection gap in vulnerable countries will require “massive investments” and new approaches from policymakers and re/insurers, a new report by the Zurich Flood Resilience Alliance has concluded. The report highlights the urgent need to mitigate the effects of climate change for those most at risk of devastating flooding, ... Read the full article
Slew of California homes at risk following Pajaro River levee breach: CoreLogic
20th March 2023
CoreLogic has estimated that 5,895 single and multifamily residential properties with a combined reconstruction value (RCV) of $2.88 billion are at risk of flooding following the Pajaro River in Central California overflowing its levee. On March 10, the water level in the Pajaro River surpassed its levee, leading to a breach ... Read the full article
Intermap adds $1.3mn in European insurance contracts
17th March 2023
Intermap Technologies, a leader in 3D geospatial products and intelligence solutions, has announced that multiple European insurers have agreed to expand their five-year contracts with an aggregate additional value of over $1.3 million. The $1.3 million value will be used for Intermap’s flood risk software, geocoding analytics, and a new generation ... Read the full article
New Zealand North Island flood industry loss estimated NZ $1.65bn by PERILS
15th March 2023
Catastrophe loss data aggregator PERILS AG has provided an initial estimate of the insurance and reinsurance market loss from the severe flooding that impacted the North Island of New Zealand from January 27th to February 2nd, pegging the total at NZ $1.65 billion initially. The industry loss estimate is based on ... Read the full article
Australia flood loss rises to $6.53bn in fresh PERILS update
13th March 2023
Catastrophe loss aggregator PERILS has released a fourth and final industry loss estimate of AUD 6.53 billion, for the devastating Eastern Australia floods that occurred over February and March in 2022. This update represents a slight increase over the previous loss estimate of AUD 6.292 billion, that PERILS released in ... Read the full article
FEMA secures another $275m of flood reinsurance for NFIP
9th March 2023
The US Federal Emergency Management Agency (FEMA) has returned to the capital markets to secure another $275 million of reinsurance protection for the National Flood Insurance Program (NFIP). The FloodSmart Re Ltd. (Series 2023-1) deal marks the sixth time that FEMA has utilised Hannover Re to access reinsurance capital via a ... Read the full article
NYC scheme a “cornerstone step” for flood protection: ICEYE
8th March 2023
ICEYE, a provider of natural catastrophe solutions and insights, has described the provision of a recent parametric flood scheme for high-risk areas in New York City as a “cornerstone step” towards addressing the flood protection gap. The cover was provided by ICEYE in conjunction with Swiss Re and Guy Carpenter ... Read the full article
Floodbase selected to strengthen FEMA’s flood analytics capabilities
8th March 2023
Floodbase, a climate adaption technology company, has been selected through the Department of Homeland Security (DHS) Science and Technology Directorate’s Silicon Valley Innovation Program (SVIP) to strengthen the Federal Emergency Management Agency's (FEMA’s) flood analytics capabilities. By using its flood intelligence technology, Floodbase will be able to help FEMA estimate the ... Read the full article
Swiss Re & ICEYE provide parametric flood cover for NYC neighborhoods
7th March 2023
Guy Carpenter, Swiss Re Corporate Solutions, and ICEYE are set to provide technical assistance to the Centre for NYC Neighborhoods (CNYCN) on a new parametric product to protect high-flood-risk NYC neighborhoods. CNYCN has launched the new pilot project in partnership with the Mayor’s Office of Climate & Environmental Justice (MOCEJ), the ... Read the full article
13,000 claims worth $196m lodged from November NSW floods: ICA
7th March 2023
More than 13,000 claims at an estimated value of $196 million have been lodged for flood damage in New South Wales since mid-November, 2022, says a report from the Insurance Council of Australia. On November 16, the ICA declared the floods a "Significant Event", with communities in Central West NSW, ... Read the full article
New Zealand insurers’ payouts for Auckland floods reach $111mn: ICNZ
7th March 2023
According to provisional general insurance claims data released by the Insurance Council of New Zealand (ICNZ), insurers have paid around NZ$111 million for the Auckland Anniversary Weekend flood event that started on January 27, 2023. “While it is still early days, around $111 million of insurance support has already been paid ... Read the full article
Nat cat insured losses in Q1 between $6-8bn thus far, says JP Morgan
3rd March 2023
Analysts at JP Morgan have estimated that total natural catastrophe insured losses in Q1 so far are in the region of $6-8 billion. The analysts write, "Despite there being a month to go in the quarter, losses still feel well below quarterly averages. Looking at the last 10 years, the average ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
