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.
NZ EQC does not expect reinsurance to be triggered on floods and cyclone
20th February 2023
Chris Chainey, Chief Financial Officer of Toka Tū Ake EQC, has said that he does not expect the recent flooding and cyclone events that impacted New Zealand to trigger its reinsurance protection. Speaking to our ILS-focused sister publication, Artemis, Chainey acknowledged that the devastating events would be “significant” for the insurance ... Read the full article
Insurance and preparedness will protect communities against climate change: Allianz
13th February 2023
Climate change is creating risk on an unprecedented scale, but insurers can play a role to significantly reduce the degree of their impact by helping to build resilience, according to an Allianz report. As extreme weather events cannot be prevented, using the example of flood events Allianz analysts have shared their ... Read the full article
Tower Limited anticipates New Zealand floods will trigger reinsurance cover
10th February 2023
New Zealand-based insurance company Tower Limited anticipates the flooding that affected Auckland and parts of the upper North Island will trigger its reinsurance cover for catastrophe events. Tower CFO Paul Johnston says that the firm's robust reinsurance arrangements have multiple levels of cover in place and provide the business with protection from ... Read the full article
IAG to make reinsurance recovery of at least $114m for Auckland flooding
3rd February 2023
Australian insurer IAG has said that a preliminary assessment of expected claims from the Auckland flooding suggests that the natural perils cost impact, after reinsurance, will be at the $236 million retention level of its catastrophe and whole-of-account quota share arrangements. IAG says that gross costs for the Auckland event are ... Read the full article
ICEYE’s nat cat insights now available in Esri GIS technology
1st February 2023
In an expanded partnership, ICEYE’s near-real-time flood data is now accessible via Esri's ArcGIS software, a comprehensive system for mapping and location intelligence. ICEYE has expanded its Esri Partner Network relationship to provide its users across the public and private sectors with direct access to near-immediate natural catastrophe insights at the ... Read the full article
California floods unlikely to be huge loss for re/insurers: J.P. Morgan
30th January 2023
A new report from J.P. Morgan has stated that the recent California floods are unlikely to be a huge loss for the insurance industry. The California floods hit from late December to early January. The state was hit with extreme rain and winds, leaving entire neighbourhoods under water, downing trees, and ... Read the full article
Suncorp warns New Zealand floods could trigger its reinsurance
30th January 2023
Suncorp has warned that the flooding currently affecting Auckland and the North Island in New Zealand could trigger its reinsurance cover. At least 4 people have died with around 350 needing replacement accommodation as a state of emergency order continues. Residents in the affected areas have been told by authorities to brace ... Read the full article
reThought Insurance completes $10.5m funding round
30th January 2023
Technology-centric flood MGA, reThought Insurance has raised $10.5 million in a Series B funding round, which closely follows a successful $15.5 million round last summer. According to the announcement, the capital expansion will be used to extend the distribution of its advanced commercial and High Net Worth flood insurance products, and ... Read the full article
New Floodbase solution augments existing parametric wind policies
27th January 2023
Floodbase, a climate adaptation technology company that provides flood risk analysis, has announced its rebranding and also launched a new feature that enables insurers to add flood protection to existing wind parametric policies. Formerly Cloud to Street, Floodbase says its new solution aims to provide additional protection against stronger, slower and ... Read the full article
AXA UK commits to Flood Re’s Build Back Better scheme
27th January 2023
AXA UK has announced that it has signed up to Flood Re’s Build Back Better scheme. Launched in April 2022, the Build Back Better scheme is a joint initiative between the UK insurance industry and the UK Government to promote the availability and affordability of flood insurance. By singing up to ... Read the full article
PERILS raises industry loss estimate for SE Australia flooding to $840m
26th January 2023
Zurich-based catastrophe insurance data provider PERILS has disclosed its second industry loss estimate for the Southeast Australia floods in October 2022, amounting to AUD 840m ($600m). This second estimate follows an initial loss estimate of AUD 791m, which was issued by PERILS on 8 December 2022, marking an AUD 49m ... Read the full article
California flooding losses to exceed $30bn, just $1bn to be insured: Argenta
19th January 2023
Only $1bn is expected to be insured from an estimated economic loss of over $30bn caused by fierce storms, torrential rain, high winds and flooding that the state of California has experienced since late December 2022, according to Argenta analysts. These events have pushed thousands of people to evacuate their homes, ... Read the full article
California flooding will shine a spotlight on private flood insurance: AM Best
18th January 2023
A report from AM Best has suggested that the historic ongoing flooding in California highlights a need for a robust private flood market. Since late December, California has been hit with extreme rain and winds, leaving entire neighbourhoods under water, downing trees, and causing severe mudslides. AM Best's report explains that the ... Read the full article
NFIP claims paid for Hurricane Ian rises 28% to $2.2bn, reports FEMA
18th January 2023
As of yesterday, the National Flood Insurance Program (NFIP) had paid USD 2.2 billion in claims for Hurricane Ian, which made landfall in Florida as a major Category 4 storm in September 2022, an increase of almost 28% from the figure reported by the US Federal Emergency Management Agency (FEMA) on ... Read the full article
Parametric flood insurer, FloodFlash launches in the US
17th January 2023
Parametric flood insurer FloodFlash has announced that it has entered into the US insurance market. After a devastating hurricane season in the US, policyholders have been waiting weeks, and in some cases, months, to receive claims to be able to rebuild their businesses and revive local economies. Moreover, in the wake of ... Read the full article
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