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.
Previsico hires Business Development Manager
18th August 2020
Live flood forecasting specialist, Previsico, has announced that Lucy Coutts has been appointed as its latest Business Development Manager. This move is to support the company’s insurance expansion that’s being planned in the UK, US and beyond. The Insurtech company is currently based in the UK with a recent launch in the ... Read the full article
Flood Re welcomes government investment in resilience
14th July 2020
Flood Re, the UK’s government-backed reinsurance scheme, has welcomed an announcement that the government plans to invest in the country’s ability to tackle the risks of flooding and coastal erosion. The measures laid out in the proposals include a £5.2 billion investment to create around 2,000 new flood and coastal defences ... Read the full article
Flood Re calls for improved resilience after record loss year
7th July 2020
Flood Re, the UK’s government-backed reinsurance scheme, has urged the country to “build back better” following record flood losses in 2019/20. Flood Re incurred claims at a gross cost of £160 million last year, which was ten times higher than the previous year. After three relatively dry years, 2019/20 saw the first ... Read the full article
Fathom announces innovative new US flood model
24th June 2020
UK-based flood risk modeller Fathom claims to have developed a new flood model that is set to fundamentally change the understanding of the risk by providing an unparalleled view of flood hazard across mainland US. Fathom-USv2 is a national-scale model adapted to account for climate change rather than relying solely on ... Read the full article
Flood forecasting insurtech Previsico targets US market
11th June 2020
Previsico, a SpinOut insurtech company from Loughborough University that specialises in flood modelling, has announced that it plans to target the US market, backed by funding from Innovate UK. The insurtech launched UK-wide in November 2019 to support insurers, brokers, and customers with live flood warnings, including uniquely for surface water ... Read the full article
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
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