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.
IDF and UNDP to lead on parametric flood insurance cover for Lagos, Nigeria
11th November 2022
The Insurance Development Forum and the United Nations Development Programme, along with the German Government and the Lagos State Government in Nigeria, have launched a €1.6 million project to develop a sub-sovereign risk transfer scheme to provide flood risk cover for Lagos State, Nigeria. The Insurance Development Forum, (IDF) notes ... Read the full article
Wright Flood acquires IAT Insurance Group’s flood policy book
2nd November 2022
Wright National Flood Insurance Company has announced an agreement to acquire the flood insurance policy book from IAT Insurance Group Inc. and its affiliate Occidental Fire and Casualty Company of North Carolina. Beginning in early 2023, Wright Flood will service, administer, and issue flood coverage under the National Flood Insurance Program ... Read the full article
APCIA highlights need for flood insurance & investment in resiliency
1st November 2022
On the ten-year anniversary of Superstorm Sandy, the American Property Casualty Insurance Association (APCIA) released a statement attributed to Don Griffin, department vice president of policy, research, and international highlighting the need for flood insurance and increased investment in resiliency. The widespread devastation brought by superstorm Sandy to the Northeast of ... Read the full article
PERILS issues final AU$972mn insured loss estimate for Australia floods
31st October 2022
Catastrophe loss aggregator PERILS has disclosed its fourth and final industry loss estimate for the Southern Australia Severe Storms which occurred from October 28-30, 2021. The final estimate of the insurance market loss is AUD 972 million. This compares to the third loss estimate of AUD 1.016 million which was issued ... Read the full article
Insurance Council of Australia welcomes $800mn NSW flood resilience package
31st October 2022
The Insurance Council of Australia (ICA) has welcomed the joint announcement by the Federal and New South Wales Governments of an $800 million Resilient Homes Program to make homes in the Northern Rivers more resilient to flood. The announcement is in response to the February-March floods from earlier this year, ... Read the full article
ICEYE delivers flood insights from recent hurricanes to FEMA
28th October 2022
World-leading provider of natural catastrophe solutions and insights, ICEYE, has said that through its partnership with New Light Technologies and Bana Solutions, its rapid flood extent and depth information have now supported the Federal Emergency Management Agency's immediate response efforts for four major flood events. ICEYE's Flood data has now been ... Read the full article
Extreme rainfall recorded in winter as Australia re-enters La Niña: Actuaries Institute
28th October 2022
The Actuaries Institute has released a report stating that the Winter 2022 reading of its Australian Actuaries Climate Index (AACI) partly reflected a brief reprieve in the rain-bearing La Niña phase, which is now causing havoc across Eastern Australia again. The Index was 0.32 in Winter 2022, compared with 1.10 in ... Read the full article
Fathom launches new global flood map
27th October 2022
Flood risk modeller Fathom has announced the launch of Fathom-Global 3.0, a new map providing insurers with full global coverage of all flood perils. The company states that Fathom-Global 3.0 enables users to quantify and mitigate flood risk, and understand changes in risk under future climate scenarios. It adds that unlike ... Read the full article
EuroTempest extends flood alert service to Germany
25th October 2022
EuroTempest, a leading provider of European storm and weather risk management services to the re/insurance market, has announced the extension of its flood alerting and dashboard service to Germany, enabling insurers and operational teams across the country to better prepare for and respond to major flood events. The extension of the ... Read the full article
Potential insured flood losses pushed above NFIP’s median: Morgan Stanley
20th October 2022
The scope and intensity of Hurricane Ian have pushed potential insured flood losses above the median with reinsurers and auto carriers on the hook, according to analysts at Morgan Stanley. Cat model estimates for Hurricane Ian's flood-based insured losses are at an average of $11 billion, which is ~3x the median ... Read the full article
ICA declares insurance catastrophe in three Australian flooded states
19th October 2022
The Insurance Council of Australia (ICA) has declared an Insurance Catastrophe for Victoria, Tasmania and New South Wales. The three states are suffering the impacts of severe weather and flooding that started last week. The ICA’s Catastrophe declaration escalates and prioritises the insurance industry’s response to the disaster. The escalation includes obliging ... Read the full article
Australia hit with more destructive floods
14th October 2022
At least 500 homes have been flooded in southeast Australia after the region was inundated with heavy rain yesterday, resulting in evacuations across three states. Rivers across New South Wales and Victoria, as well as the island state of Tasmania, are rising dangerously after some areas received four times their average ... Read the full article
Property flood resilience measures could reduce re/insurer losses: JBA
12th October 2022
A new study by flood risk modeller JBA Risk Management has revealed that adopting Property Flood Resilience (PFR) measures could have a major impact on projected flood losses in the UK, with a possible loss reduction of up to £453m a year. The review was carried out following the launch of ... Read the full article
Ian to make FEMA’s 2023 NFIP reinsurance renewal more challenging & costly
12th October 2022
Prior to hurricane Ian's landfall in Florida, the U.S. Federal Emergency Management Agency (FEMA) had already started the process of renewing the National Flood Insurance Program's (NFIP) traditional reinsurance protection for the January 2023 renewals, a process which now looks set to be even more challenging. The severe and widespread flooding ... Read the full article
Hurricane Ian re/insured wind and flood losses could reach $53bn, says CoreLogic
7th October 2022
CoreLogic, a global provider of property information, analytics, and data-enabled solutions, has raised its re/insurance industry loss estimate for the wind and flood impacts of hurricane Ian to between $31 billion and $53 billion. The latest figures from CoreLogic peg the insured wind loss in Florida at between $22 billion and ... Read the full article
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