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.
Lloyds Bank & Previsico partner on flood resilience
10th November 2020
Live flood forecasting insurtech firm Previsico has announced that it will join the Launch Innovation Lab, powered by Lloyds Banking Group, to develop solutions for flood resilience. Together, Previsico and Lloyds will work to develop a solution for Lloyds home insurance customers, against a backdrop of increasingly severe and frequent flood ... Read the full article
Flood Re says all homeowners policies should include flood insurance
6th November 2020
Flood Re, the UK’s government-backed reinsurance scheme, has welcomed the key findings of a review into a 2019 flooding disaster, which recommends that all homeowners policies should include flood cover as standard. The Blanc review, commissioned by the UK government back in April, sought to investigate why many of the ... Read the full article
Flooding in French Alps to drive €210mn insured loss
20th October 2020
According to a joint communication from CCR and the French Insurance Federation (FFA), recent flooding in the south east French Alps could cause up to €210 million in insured losses. The industry should expect to record a total of 14,000 claims related to the event, the statement said, of which 8,250 ... Read the full article
National Flood Services awarded NFIP contract
8th October 2020
US flood solutions provider, National Flood Services, has announced that it has been awarded the National Flood Insurance Program Direct (NFIP) service provider contract. NFIP facilitates the issuance and administration of NFIP insurance policies on behalf of the Federal Emergency Management Agency (FEMA), an agency of the Department of Homeland Security. The ... Read the full article
JBA releases Climate Change Analytics data suite
6th October 2020
Flood risk modeller, JBA Risk Management (JBA) has announced the launch of its new Climate Change Analytics data suit. This new solutions has been developed to help banks, lenders, investors, and the wider global financial sector to understand the potential long-term impacts of climate change and to meet regulatory requirements. The launch ... Read the full article
UK must take flood risk more seriously, says Flood Re CEO
28th September 2020
Flood Re Chief Executive Officer (CEO) Andy Bord has said that the UK “must take flood-risk more seriously,” and stressed the urgency of building a more flood resilient country. In a recent interview with Reinsurance News, Bord discussed how Flood Re is working with the government to address the challenges facing ... Read the full article
CoreLogic report highlights opportunity in flood under-insurance
25th September 2020
A report from leading global property information company CoreLogic has highlighted the opportunities for private insurers to protect homeowners from flood risk inside and outside of the National Flood Insurance Program (NFIP). After Hurricane Harvey in 2017, CoreLogic estimated that 70% of the flood damage was uninsured. Dr. Howard Botts, executive and ... Read the full article
Willis Re unveils new Indonesia Flood model
24th September 2020
Willis Re, the reinsurance arm of global brokerage Willis Towers Watson (WTW), has launched a new fully probabilistic Indonesia Flood model, developed in collaboration with the Willis Research Network (WRN) and the National University of Singapore (NUS) Tropical Marine Science Institute (TMSI). Willis Re's new Indonesia Flood model provides a comprehensive ... Read the full article
Hurricane Sally losses will largely fall to NFIP: AM Best
18th September 2020
Analysts at AM Best do not expect Hurricane Sally to constitute a major insurance industry loss due to its large flood component, which will mainly be covered by the US National Flood Insurance Program (NFIP). Hurricane Sally made landfall on the US Gulf Coast early on Wednesday morning, dropping massive amounts ... Read the full article
FEMA commences 2021 NFIP reinsurance renewal process
18th September 2020
The Federal Emergency Management Agency (FEMA) has returned to the traditional market and begun its procurement of reinsurance for the National Flood Insurance Program (NFIP), to be effective on or about January 1st, 2021. After testing the market with a limited placement in 2016, FEMA's NFIP has been leveraging reinsurance protection, ... Read the full article
PERILS puts insured property loss for Feb UK floods at £375m
1st September 2020
Zurich-based insurance data company, PERILS, has released an updated industry loss footprint for the floods in the United Kingdom in February 2020. The floods mainly affected Wales, the Midlands and Yorkshire from 9 to 29 February 2020. In total, an estimated 4,800 properties were flooded, although many more buildings were successfully ... Read the full article
Marsh’s Torrent highlights need for public-private sectors to join together on cat flood risk
26th August 2020
Marsh subsidiary and direct servicing agent of the National Flood Insurance Program (NFIP) Torrent Technologies has highlighted the need for public and private sectors to take collaborative action now in order to mitigate catastrophic flood risk. According to the report, 40% of the US population live in coastal counties today putting ... Read the full article
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