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.
KCC submits flood model for certification in Florida
4th March 2020
Catastrophe risk modeller Karen Clark & Company (KCC) has submitted its flood reference model to be certified by the Florida Commission on Hurricane Loss Projection Methodology. The firm claims that its flood model is the first to be submitted under the state of Florida’s flood model standards The KCC Flood Reference Model ... Read the full article
FEMA secures additional $400mn of reinsurance protection for NFIP
25th February 2020
The US Federal Emergency Management Agency (FEMA) has successfully transferred $400 million of the National Flood Insurance Program's (NFIP) flood risk to the capital markets through the issuance of its third catastrophe bond transaction. The transaction, FloodSmart Re Ltd. (Series 2020-1), is the third time FEMA has entered into a ... Read the full article
Understanding today’s risk critical in closing the flood protection gap: Fathom’s Dr. Smith
12th February 2020
Increasingly open and transparent data is vital in order to drive a greater understanding of, and demand for, flood insurance around the world, and will ultimately help to narrow the flood protection gap, according to Dr. Andrew Smith, Chief Operations Officer (COO) of UK-based flood risk modeller, Fathom. Globally, flood exposures ... Read the full article
FloodFlash pays claims one day after storm Ciara
11th February 2020
InsurTech FloodFlash, a startup which provides sensor-based parametric flood insurance to ensure rapid payouts, has revealed that it paid claims related to storm Ciara just one day after flooding. Storm Ciara (also known as European windstorm Sabine) struck Europe over the weekend, with impacts widespread due to the size of the ... Read the full article
PERILS settles on Townsville Flood estimate of AU $1.2bn
10th February 2020
Catastrophe loss data aggregator PERILS has settled on a figure of AU $1.243 billion (US $830 million) as its fourth and final estimate for the insurance market loss resulting from the flooding in northern Queensland, Australia over January and February 2019. The final estimate represents a slight increase on the previous ... Read the full article
ICA declares catastrophe for east coast storms & flooding
10th February 2020
The Insurance Council of Australia (ICA) has declared the sixth catastrophe in the past five months, following property losses caused by recent storms and flooding across the east coast since February 5th, 2020. According to the ICA, insurance companies have received 10,000 claims with the value of claims estimated at AUD ... Read the full article
Gallagher partners with FloodFlash on parametric policy
3rd February 2020
Re/insurance broker Gallagher has announced a new partnership with insurtech start-up FloodFlash, which will enable it to provide a parametric flood insurance policy to its UK clients. The parametric policy means claims will be settled based on a pre-defined trigger point, rather than through the traditional assessment of the cost of ... Read the full article
FEMA targets additional catastrophe bond coverage for NFIP
31st January 2020
The US Federal Emergency Management Agency (FEMA) is seeking a further $300 million of flood protection from the capital markets with its third catastrophe bond issuance, FloodSmart Re Ltd. (Series 2020-1). This is the third time FEMA has looked to secure flood reinsurance protection from the capital markets for its National ... Read the full article
Kin targets Florida homeowners with new flood solution
22nd January 2020
Catastrophe-focused insurance technology firm, Kin Insurance, now offers flood coverage for Florida homeowners through its Florida home insurance carrier, the Kin Interinsurance Network. In an announcement, Kin Insurance states that the flood protection is an insurance endorsement and can be tailor made to Florida homeowners in areas deemed low-risk, moderate-risk, or ... Read the full article
Fathom collab opens US flood model to public
15th January 2020
UK-based flood risk modeller Fathom has announced its participation in a US partnership that will open flood mapping and coastal risk data analysis to the public. Fathom joined US Non-Profit organisation First Street Foundation to produce a comprehensive flood and coastal risk analysis of the US. The data will be used to ... Read the full article
FEMA renews NFIP reinsurance program with $1.33bn of coverage
2nd January 2020
The U.S. Federal Emergency Management Agency (FEMA) has announced the renewal of its flood reinsurance program to protect the National Flood Insurance Program (NFIP), securing $1.33 billion of protection. The coverage was secured from a panel of 27 reinsurance companies, and protects the NFIP from events on a per-occurrence basis for ... Read the full article
Insurtech Neptune Flood adds Jean-Luc Eckstein as Executive Director
24th December 2019
Neptune Flood Incorporated, an insurtech firm focused on the flood market, has announced the appointment of Jean-Luc Eckstein as Executive Director. He joins Neptune Flood from CDW, a Fortune 500 technology solutions provider, where he served as International Client Strategy Manager, overseeing a team responsible for cross border technology sales. In his ... Read the full article
Flood Re tenders for new retro reinsurance broker
17th December 2019
Flood Re, the UK’s government-backed reinsurance scheme, has commenced the process of finding a new retrocessional reinsurance broker to support the company over the coming three to six years. Eligible brokers have been asked to submit an application by January 23, 2020, with the new contract set to begin on July ... Read the full article
Flooding & storms to drive multi-billion-dollar losses in Europe: Aon
6th December 2019
The flooding and inland storms that impacted parts of western and southern Europe in November are likely to drive multi-billion-dollar economic losses, according to re/insurance broker Aon. The economic impact in Italy alone is expected to near $2 billion, Aon said in its Global Catastrophe Recap report for the month, with ... Read the full article
France & Italy brace for hundreds of millions in flood losses: Aon
29th November 2019
Flooding this week in parts of southeastern France and northwestern Italy along the Mediterranean coast is likely to drive economic losses in the hundreds of millions of euros range, if not higher, according to re/insurance broker Aon. Parts of France and Italy were hit with torrential rains between November 21 and ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
