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.

The real story of US flood is the lack of insurance take-up: Clark, Guy Carpenter

4th June 2020

Too often, the story around U.S. flood risk focuses on FEMA and what the entity either isn’t doing right or could be doing better, when the real story is the dangerously low levels of flood insurance penetration, according to Jonathan Clark of Guy Carpenter. Clark, who leads the Public Sector division ... Read the full article

Guy Carpenter launches Philippines Flood Model

14th May 2020

Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, has announced the launch of its new probabilistic flood model for the Philippines. The Philippines Flood Model provides countrywide coverage and enables insurers to assess exposure for one of the most common natural hazards in the region. Guy Carpenter’s model is ... Read the full article

UK government to review lack of flood insurance cover

15th April 2020

The UK government has announced that it will conduct a review to identify why many of the people affected by flooding in November 2019 did not have sufficient insurance coverage in place. The review will look at evidence relating to insurance cover for those affected in Doncaster following the floods last ... Read the full article

Flood insurtech Neptune expands US presence

24th March 2020

Neptune Flood Incorporated, a digital insurtech firm focused on the flood market, has announced its launch into Arkansas, Idaho and Illinois in the US. With its expansion into these states, a potential 6.7 million more households will now have access to Neptune’s flood insurance solution. The firm explained that it launched in ... Read the full article

2020 Budget is positive for UK insurers, but challenges persist: A.M. Best

13th March 2020

Overall, the recently announced UK 2020 Budget is generally positive for UK insurers but the sector is still faced with challenges, reports financial services ratings agency, A.M. Best. Following the announcement of the 2020 Budget by the UK Chancellor of the Exchequer earlier this week, A.M. Best has offered some thoughts ... Read the full article

National Flood Services targets flood insurance modernisation with Trident

11th March 2020

National Flood Services, a U.S. domiciled provider of flood insurance solutions, has launched a new holistic, data-driven platform designed to transform access to flood protection, called Trident. The new solution aims to modernise every aspect of the flood insurance experience for all parties along the chain, from policyholders to back-office operations ... Read the full article

KCC submits flood model for certification in Florida

4th March 2020

Catastrophe risk modeller Karen Clark & Company (KCC) has submitted its flood reference model to be certified by the Florida Commission on Hurricane Loss Projection Methodology. The firm claims that its flood model is the first to be submitted under the state of Florida’s flood model standards The KCC Flood Reference Model ... Read the full article

FEMA secures additional $400mn of reinsurance protection for NFIP

25th February 2020

The US Federal Emergency Management Agency (FEMA) has successfully transferred $400 million of the National Flood Insurance Program's (NFIP) flood risk to the capital markets through the issuance of its third catastrophe bond transaction. The transaction, FloodSmart Re Ltd. (Series 2020-1), is the third time FEMA has entered into a ... Read the full article

Understanding today’s risk critical in closing the flood protection gap: Fathom’s Dr. Smith

12th February 2020

Increasingly open and transparent data is vital in order to drive a greater understanding of, and demand for, flood insurance around the world, and will ultimately help to narrow the flood protection gap, according to Dr. Andrew Smith, Chief Operations Officer (COO) of UK-based flood risk modeller, Fathom. Globally, flood exposures ... Read the full article

FloodFlash pays claims one day after storm Ciara

11th February 2020

InsurTech FloodFlash, a startup which provides sensor-based parametric flood insurance to ensure rapid payouts, has revealed that it paid claims related to storm Ciara just one day after flooding. Storm Ciara (also known as European windstorm Sabine) struck Europe over the weekend, with impacts widespread due to the size of the ... Read the full article

PERILS settles on Townsville Flood estimate of AU $1.2bn

10th February 2020

Catastrophe loss data aggregator PERILS has settled on a figure of AU $1.243 billion (US $830 million) as its fourth and final estimate for the insurance market loss resulting from the flooding in northern Queensland, Australia over January and February 2019. The final estimate represents a slight increase on the previous ... Read the full article

ICA declares catastrophe for east coast storms & flooding

10th February 2020

The Insurance Council of Australia (ICA) has declared the sixth catastrophe in the past five months, following property losses caused by recent storms and flooding across the east coast since February 5th, 2020. According to the ICA, insurance companies have received 10,000 claims with the value of claims estimated at AUD ... Read the full article

Gallagher partners with FloodFlash on parametric policy

3rd February 2020

Re/insurance broker Gallagher has announced a new partnership with insurtech start-up FloodFlash, which will enable it to provide a parametric flood insurance policy to its UK clients. The parametric policy means claims will be settled based on a pre-defined trigger point, rather than through the traditional assessment of the cost of ... Read the full article

FEMA targets additional catastrophe bond coverage for NFIP

31st January 2020

The US Federal Emergency Management Agency (FEMA) is seeking a further $300 million of flood protection from the capital markets with its third catastrophe bond issuance, FloodSmart Re Ltd. (Series 2020-1). This is the third time FEMA has looked to secure flood reinsurance protection from the capital markets for its National ... Read the full article

Kin targets Florida homeowners with new flood solution

22nd January 2020

Catastrophe-focused insurance technology firm, Kin Insurance, now offers flood coverage for Florida homeowners through its Florida home insurance carrier, the Kin Interinsurance Network. In an announcement, Kin Insurance states that the flood protection is an insurance endorsement and can be tailor made to Florida homeowners in areas deemed low-risk, moderate-risk, or ... Read the full article