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.
PERILS places first industry loss estimate for Emilia-Romagna floods at €377m
5th July 2023
Catastrophe loss data aggregator PERILS AG has placed its initial industry loss estimate for the floods in the Emilia-Romagna region of Italy during the period of 2 to 22 May 2023 at €377m. According to PERILS, this estimate of the insurance loss is based on data collected from the majority of ... Read the full article
Significant flood protection gap needs “urgent attention”: FloodFlash’s Bartholomew
4th July 2023
With the world dealing with the ongoing effects of global warming and urbanization, this has led to natural catastrophes such as floods to become increasingly more common. However, despite this, studies suggest that only 20% of the world’s $70 billion annual flood losses are insured, which FloodFlash’s Chief Underwriting Officer ... Read the full article
1-in-100 year flooding in the US can now be expected every 8 years: First Street Foundation
28th June 2023
What is currently estimated to be an infrequent and severe 1-in-100 year flood event can now be expected every eight years, the First Street Foundation, a nonprofit research group, has revealed. The 8th National Risk Assessment: The Precipitation Problem, captures climate-driven changes in heavy rainfall events for the United States and ... Read the full article
NZ insurers face estimated $3.18bn loss from Auckland floods & Cyclone Gabrielle
22nd June 2023
Data from the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) reveals that insurers face an estimated loss of $3.18 billion from claims arising from the impacts of the Auckland Anniversary Weekend floods and Cyclone Gabrielle in February. So far, $1.08 billion of the total insured loss ... Read the full article
ARC launches parametric flood product in Africa
19th June 2023
The African Risk Capacity (ARC) Group has launched a parametric insurance product aimed to help African countries cope with the devastating effects of flooding. This mechanism will provide countries with predictable and rapid financing for early response to cope with emergency disaster events caused by floods. ARC partnered with JBA Risk Management ... Read the full article
Italy floods highlight major protection gap, says Verisk
15th June 2023
Only a small percentage of damage to insured assets caused by May floods in Italy will be covered as the majority of risks in the Italian insurance market do not cover flood, Verisk has revealed in a recent report. The major floods events in Italy were caused by a pair of ... Read the full article
Parametric solutions can shrink flood insurance protection gap: Floodbase
8th June 2023
With floods on the rise due to climate change, re/insurance solutions covering this type of peril have become more important now than ever, Peter Lacovara, Head of Commercial at Floodbase, highlighted in a recent interview with Reinsurance News. With flood having one of the largest protection gaps compared to other perils, ... Read the full article
Flood Re launches ‘Be Flood Smart’ campaign in partnership with Environment Agency
22nd May 2023
Flood Re, the joint initiative between the UK government and the insurance industry, has launched the ‘Be Flood Smart’ campaign in partnership with the Environment Agency. Studies have shown homeowners face average costs of £32,000 to fix flood damage as flood risk in the UK grows. 1 in 6 people in ... Read the full article
Massive flooding in Italy to cost billions, highlighting large insurance protection gap: Aon
19th May 2023
Local authorities are foreseeing economic losses in the billions of Euros related to floods in Italy due to the massive disaster, while the insurance industry is expected to bear a smaller portion of the overall cost due to an existing protection gap for flood coverage, as stated by Aon. "Given the ... Read the full article
Demand for parametric re/insurance is on the rise: Floodbase’s Lacovara
18th May 2023
Demand for parametric insurance is on the rise as more people have started to recognise that these solutions can provide protection for things and events that could not be covered by indemnity insurance, said Peter Lacovara, Head of Commercial at Floodbase, in a recent interview with Reinsurance News. In the last ... Read the full article
PERILS raises industry loss estimate for Cyclone Gabrielle to NZ $1.925bn
17th May 2023
Zurich-based catastrophe insurance data provider PERILS AG has provided a second estimate for Cyclone Gabrielle which brought extreme rainfall and strong winds to the North Island of New Zealand during the period of 11 to 17 February 2023, pegging the total to NZ $1.925 billion. On March 30, it initially ... Read the full article
Bregal Sagemount & FTV Capital invest in Neptune Flood Incorporated
16th May 2023
Bregal Sagemount and FTV Capital, two leading growth-focused private equity firms, have announced a strategic growth investment in Neptune Flood Incorporated. Both Sagemount and FTV will acquire a substantial minority stake in the firm, with Neptune CEO and management maintaining majority ownership. Financial terms of the transaction were not disclosed. Launched in ... Read the full article
ICEYE & Global Parametrics enter data accord to drive disaster risk management
11th May 2023
ICEYE has entered into an agreement with Global Parametrics to provide flood data to support the development of innovative parametric risk transfer solutions. ICEYE states that as part of the agreement, its global Flood Insights data will be used by Global Parametrics to design, structure and execute parametric risk transfer structures. In ... Read the full article
Reinsurance recoveries for NZ floods & cyclone could hit $276m: Tower Limited
9th May 2023
Reinsurance recoveries for Tower Limited, a New Zealand based insurance company, from flooding in Auckland and Cyclone Gabrielle may now hit as much as $276m according to the carrier's recently updated loss estimates. The insurer had previously highlighted that it expected its excess-of-loss catastrophe reinsurance would be triggered by these events, ... Read the full article
Swiss Re to reinsure parametric flood product in Kenya
9th May 2023
Global reinsurer Swiss Re is to provide reinsurance for a new index-based flood insurance solution in Kenya, which is set to be launched by Britam in partnership with Oxfam, and which aims to protect small-scale farmers from the impact of catastrophic floods. The solution, developed by Nairobi-based insurer Britam, uses data ... Read the full article
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