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.
FEMA receives more than 25,000 NFIP claims following hurricane Ian
6th October 2022
A week after hurricane Ian caused significant flooding in the State of Florida, FEMA's National Flood Insurance Program (NFIP) has received over 25,000 claims. The average claims cost of previous significant flood events suggests that the claims received by the NFIP as of October 4th, 2022, amounts to well over ... Read the full article
$2.81bn of Australian East Coast flood claims now closed
30th September 2022
The Insurance Council of Australia (ICA) has released new data showing more than half of insurance claims related to the February and March floods have been closed, with the latest figures revealing a 10% increase from last month amounting to $2.81bn or 54%. Read the full article
Hurricane Ian batters Florida as a major Cat 4 storm
29th September 2022
Hurricane Ian made landfall on Wednesday as a major Category 4 storm with maximum sustained winds of around 155 mph near the Cayo Costa area, bringing widespread flooding, property damage, and power outages. The NHC warned of severe and life-threatening storm surge inundation of as much as 8 to 10 feet ... Read the full article
Insurers need partners to reduce flood risk worldwide: Triple-I
28th September 2022
Analysts from the Insurance Information Institute(Triple-I) have stated that insurers need partners to reduce the threat flooding poses to life and property worldwide, and are taking several steps to achieve this. Advances in data and communication, as well as in collaboration and innovation are needed to achieve such a mindset focused ... Read the full article
ICEYE enters into pilot flood scheme with If P&C Insurance
14th September 2022
ICEYE, a world-leading provider of natural catastrophe data, has launched a pilot scheme with If property & casualty (P&C) Insurance to use its Flood Insights product. The data and insights that ICEYE provides enables users to gain rapid situational awareness of any flood event globally. High resolution flood imagery is captured via ... Read the full article
Australia flood loss up 29% to $6.3bn in fresh PERILS update
13th September 2022
Catastrophe loss aggregator PERILS has provided a new insurance industry loss estimate of AUD 6.292 billion (USD 4.329 billion) for the devastating Eastern Australia floods that occurred over February and March this year. This update represents a significant 29% increase over the previous loss estimate of AUD 4.895 billion (USD 3.367 ... Read the full article
European flood added to PERILS database
12th September 2022
Zurich-based catastrophe loss aggregator PERILS has expanded its market coverage to include exposure and event loss data for European floods. The new service, which comes in the wake of devastating floods across Europe in 2021, will enhance the firm’s existing windstorm coverage across the continent. The expanded coverage means that data for ... Read the full article
Generali Romania partners with Intermap for flood risk assessment solution
5th September 2022
Intermap Technologies has announced Generali Romania is expanding its risk assessment capabilities by incorporating Intermap's Aquarius RMA (Aquarius) cloud-based flood risk solution into its core insurance processes. The Aquarius software solution is composed of multiple analytics and geocoding capabilities which will provide Generali Romania with a comprehensive picture of the possible ... Read the full article
Santam passes most of $257m flood loss to reinsurers
1st September 2022
South African insurer Santam has reported its results for the first six months of 2022, which include a gross exposure of R4.4 billion (USD 257 million) to flooding in the KwaZulu-Natal province. However, the company’s net impact from the floods was limited to R566 million (USD 33 million) thanks to its ... Read the full article
Claims from Eastern Australia floods reach $5.28bn
30th August 2022
The Insurance Council of Australia (ICA) has estimated that $5.28 billion is the cost of this year’s floods across South-East Queensland and northern New South Wales. Severe flooding impacted these states around six months ago; induced by an extended period of heavy rainfall in February and March. A monsoon trough along the ... Read the full article
Climate change negatively impacting home insurance affordability in Australia: Finity
30th August 2022
The severe impact of climate change is widening the gap in home insurance affordability for Australian households, says a recent green paper report from Finity. The Australian insurance industry has seen increasing losses from extreme weather-related events over the last ten years, despite allowing for inflation and exposure growth. 2022 has ... Read the full article
Fathom and Reask announce “strategic” partnership
23rd August 2022
Flood risk modeller Fathom has partnered with Reask, a climate risk analytics firm specialised in atmospheric hazard models, to create combined wind and flood risk models. This “strategic” partnership aims to provide insurers, banks and ESG-focused investors with an unparalleled view of risk data on the combined impact of flood and ... Read the full article
Korean flooding losses to hamper non-life insurers’ earnings: Fitch
16th August 2022
A Fitch Ratings report has estimated insurance losses from the severe floods in South Korea will place pressure on the financial performance of the country’s non-life insurers. Industry estimates indicate that insurance claims from the flooding are likely to exceed KRW 150bn, or less than 0.2% of Korea’s entire non-life direct ... Read the full article
Inland floods pose limited credit impact to U.S. P/C (re)insurers: Fitch Ratings
12th August 2022
A Fitch Ratings report has said that the recent numerous inland flood events are expected to have a negligible credit impact on the U.S. P/C industry and are unlikely to affect individual insurers' or reinsurers' capital or earnings. Despite the tragic loss of life and significant economic losses in affected areas, ... Read the full article
Seoul flooding losses “manageable” for Korean re/insurers
12th August 2022
Losses from record rain-induced floods in Korea should be manageable for Korean property and casualty insurers, with reinsurers like Korean Reinsurance Co. also being able to absorb the rainfall losses. Homes, roads and subway stations in the South Korean capital have been flooded as a result of record downpours, which have ... Read the full article
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