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.
Insured losses from flooding across Europe to reach into the billions
16th July 2021
The insurance and reinsurance industry is expecting losses in the billions of Euros as a result of catastrophic flooding across parts of Europe, with the event poised to become one of the costliest flood episodes on record. In Germany, hundreds of people are missing and more than 100 lives have been ... Read the full article
Swiss Re & Milliman partner to deliver simplified flood offering
14th July 2021
Global reinsurance giant Swiss Re has partnered with Milliman, Inc. to deliver a new simplified flood solution via the latter's open advisory and rating organization, Milliman Appleseed. Developed by Swiss Re, the new flood offering has been designed to provide flexible coverage for low and moderate flood risks. According to the pair, ... Read the full article
ICA says Victoria flood costs at $144mn as claims hit 15,700
18th June 2021
The Insurance Council of Australia (ICA) says that insurers have so far received more than 15,700 claims from the recent severe weather affecting regions across metropolitan and regional Victoria, with more claims expected to be lodged over the coming days and weeks. The estimated cost is thought to be around $144 ... Read the full article
Neptune Flood hits $20bn milestone for insured property value
17th June 2021
Neptune Flood, an insurtech firm focused on the flood market, has surpassed $20 billion in total insured property value, the company has confirmed. Trevor Burgess, CEO of Neptune Flood noted that the insurtech managed to reach this milestone in under four years since launching. With over 70,000 clients and 6,000 active insurance ... Read the full article
Previsico hires former RMS lead modeller Dimosthenis Tsaknias
16th June 2021
Live flood forecasting insurtech firm Previsico has announced the appointment of Dimosthenis Tsaknias as Senior Flood Modeller in charge of its flood modelling team. Tsaknias previously served as Lead Modeller for RMS, where he contributed to the development of hazard and financial loss flood risk models covering 12 countries in Europe, ... Read the full article
Suncorp records 3,750 claims from Victoria flooding
16th June 2021
Australian insurer Suncorp has received approximately 3,750 claims so far from the recent severe weather affecting regions across metropolitan and regional Victoria, with more expected over the coming days and weeks. Earlier this week, the Insurance Council of Australia (ICA) declared a catastrophe event in Victoria after thousands of homes ... Read the full article
Victoria region storms and flooding declared a catastrophe: ICA
14th June 2021
The Insurance Council of Australia (ICA) has declared the significant storms and flooding that impacted the state of Victoria over the weekend as a catastrophe event. From June 10th, 2021 regions of Victoria were heavily impacted by a series of significant storms and flooding. According to the ICA, the impact of flooding ... Read the full article
NFIP reform bills target stronger reinsurance program
24th May 2021
Four bills reintroduced this week to the US congress have proposed a number of reforms to the National Flood Insurance Program (NFIP), among which is the strengthening of FEMA’s authority to purchase reinsurance. The bills were put forward by Missouri Congressman Blaine Luetkemeyer, who asserted that the NFIP has been “mismanaged ... Read the full article
PERILS reports insured loss estimate of AUD $1.055bn for East Coast floods
7th May 2021
Zurich-based catastrophe insurance data provider, PERILS, has reported an initial insurance industry loss estimate of AUD $1.055 billion for the New South Wales and Queensland floods, which occurred in March this year. The East Coast of Australia experienced an extreme period of rainfall from 18th to 24th March, which resulted in ... Read the full article
RAA endorses end to NFIP subsidies for new builds in flood risk areas
19th April 2021
The Reinsurance Association of America (RAA) has endorsed new legislation to end National Flood Insurance Program (NFIP) subsidies for newly-constructed properties in areas vulnerable to flooding. The Build for Future Disasters Act of 2021, reintroduced by Representatives Andy Barr and Scott Peters, would mean NFIP rates reflect up-to-date flood information for ... Read the full article
FEMA announces new NFIP rating methodology
6th April 2021
FEMA is updating the National Flood Insurance Program’s (NFIP) pricing methodology in an effort to communicate flood risk more clearly. The US government agency says Risk Rating 2.0—Equity in Action provides actuarially sound rates that are equitable and easy to understand. FEMA will now be able to equitably distribute premiums across all ... Read the full article
Suncorp estimates current flood loss at $250m as ICA sees claims rise
31st March 2021
Australian insurer Suncorp has announced an expected losses of between $230 million and $250 million from the recent heavy rainfall and flooding across New South Wales, South East Queensland and Victoria. Concurrently, the Insurance Council of Australia has raised its estimate from the $438 announced earlier this week to $497 ... Read the full article
NSW flooding to pressure underwriting margins, dampen earnings: AM Best
30th March 2021
AM Best says it expects recent flood activity in Australia to put pressure on general insurers’ underwriting margins and dampen 2021 earnings. As of this week 9,213 claims have been received following devastating flood events across the east and southeast of the country. Days of torrential downpours have prompted rivers and ... Read the full article
Australia’s flood loss hits $438m, IAG & SUN likely to exceed cat budget
29th March 2021
A new report from Morgan Stanley states that Australian insurers IAG and Suncorp are now likely to exceed their catastrophe budgets for 2021 by a modest amount, after it was announced that the country has so far been inflicted with flood losses of $438 million. As of this morning, 29,213 insurance ... Read the full article
Australia flood claims estimated at $254m as crisis extends to Queensland
24th March 2021
In its latest update, the Insurance Council of Australia (ICA) says it has recorded more than 17,000 claims from the severe flooding that began in New South Wales (NSW) earlier this week, with losses currently estimated at AU $254.2 million (US $193.49 million). Notably, 15% of claims are now coming out ... Read the full article