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.
Reinsurance to limit W&W’s up to €400m gross loss from July flooding
18th August 2021
Germany-based financial services company, the Wüstenrot & Württembergische Group (W&W), has said that it expects storm events and subsequent flooding in mid-July to drive gross expenses of up to €400 million. The company's loss estimate for the impacts of storm Bernd in Europe, which arrived in Central Europe in July, is ... Read the full article
RenRe partners with First Street Foundation to tackle flood risk
16th August 2021
Global reinsurer RenaissanceRe (RenRe) has entered into a partnership with First Street Foundation to enhance data and modelling capabilities on the critical issue of flood risk. RenRe will license the First Street Foundation’s flood maps and leverage its trusted, peer-reviewed property-level flood risk data to evaluate how a changing climate could ... Read the full article
Allianz pegs gross loss from flooding in Europe at €900mn
6th August 2021
Global insurance carrier Allianz is expecting gross losses of approximately €900 million from the impacts of storm Bernd in Europe, of which it anticipates around €500 million will be covered by its reinsurance. Storm Bernd arrived in Central Europe in July and most of its damage came from flooding caused by ... Read the full article
July floods trigger Generali’s reinsurance coverage
3rd August 2021
Italian insurer Generali has confirmed that its July flood losses in Germany have been capped at €100 million, after the disaster triggered the company’s per occurrence reinsurance coverage. Catastrophic flooding and storms across parts of Western and Central Europe last month are expected to drive overall economic losses of over ... Read the full article
Fathom launches climate-conditioned flood cat model for the UK
2nd August 2021
UK-based flood risk modeller Fathom has launched its newly updated model designed to enable banks and re/insurers to quantify the current and future flood risk of their portfolios. The Bristol-based flood risk specialist first launched its Fathom-UK CAT model in January. This latest iteration brings the inclusion of coastal flooding with five ... Read the full article
China’s non-life insurers able to manage Henan flood losses: AM Best
30th July 2021
Despite the recent floods in Henan potentially becoming one of China’s largest insured loss events ever, its non-life insurers will be able to manage and absorb the losses, according to a new report by rating agency AM Best. In the report, the rating agency noted that the heavy insured toll can ... Read the full article
ReThought Insurance completes $15.5mn Series A funding round
29th July 2021
ReThought Insurance has completed a $15.5 million Series A investment round to help fund its growth within the flood insurance market. The insurer writes flood coverage for complex mid-tier commercial risks and high net worth properties, but is also developing offerings for other perils. The funding will go towards providing funding for ... Read the full article
Germany to see roughly €5bn insured hit from July flooding, AIR says
28th July 2021
Catastrophe risk modeling firm AIR Worldwide has stated that insured losses in Germany from July’s flooding could approach €5 billion. For five days a low pressure system known as “Bernd” sat over central Europe and brought about significant flooding. Germany’s Rhineland-Palatinate and North Rhine-Westphalia regions were particularly affected, experiencing heavy and, in ... Read the full article
AM Best keeps ZYIC’s ratings amid concerns over Henan flood claims
28th July 2021
Rating agency AM Best has kept agricultural insurer, Zhongyuan Agricultural Insurance’s (ZYIC) Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+”, following the heavy rains that have flooded the province of Henan, China since July 19th. This extreme weather disaster, which has affected the central and ... Read the full article
Insured losses from Germany floods rise to an estimated €4.5-5.5bn, says GDV
27th July 2021
The German Insurance Association (GDV) has updated its insurance and reinsurance industry loss estimate for the recent flooding that devastated parts of the country to between €4.5 billion and €5.5 billion, of which around two-thirds are for damages in Rhineland-Palatinate. Over July 13th to 18th, major flooding impacted parts of Central ... Read the full article
German floods show climate challenge for homeowners insurers: Moody’s
22nd July 2021
Analysts at Moody’s have labelled the recent catastrophic flooding in Germany as a “consequence of climate change,” and warned that German insurers could find it challenging to protect homeowners against climate risk in future without significant price increases. The floods, which impacted the southern part of the German federal states of ... Read the full article
Tens of thousands of buildings impacted by European floods, says ICEYE
21st July 2021
Analysis from ICEYE, who builds and operates its own commercial constellation of SAR satellites, shows that a minimum of 43,400 buildings across Europe are estimated to have been impacted by recent flooding in the region. ICEYE operates a constellation of synthetic aperture radar satellites and through its Flood Monitoring Solution, offers ... Read the full article
Insured loss from North Rhine-Westphalia & Rhineland-Palatinate floods at €4-5bn: GDV
21st July 2021
The devastating flooding experienced in the German states of North Rhine-Westphalia and Rhineland-Palatinate is expected to drive insurance and reinsurance industry losses of between €4 billion and €5 billion, according to the German Insurance Association (GDV). Last week’s flooding impacted parts of Central and Western Europe, including Belgium, the Netherlands, and ... Read the full article
Berenberg says European floods to cost reinsurers up to €3bn
20th July 2021
Analysts at Berenberg have warned that recent flooding in parts of Europe will drive reinsurance industry losses of between €2 billion and €3 billion, while the economic hit from the event is projected to be much higher. Last week’s flooding impacted many parts of Central and Western Europe, including Belgium, the ... Read the full article
Europe floods largely uninsured, despite multi-billion industry loss: Aon
19th July 2021
Analysts at Aon have warned that “a large portion of the damage” from the recent catastrophic flooding in Europe will be uninsured, even as re/insurers brace for a multi-billion-dollar loss overall. Last week’s flooding impacted many parts of Central and Western Europe, including Belgium, the Netherlands, and Switzerland, although Germany remains ... Read the full article