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.

Global flood events in March result in $8 billion of economic losses: Aon

9th April 2019

Flooding events across the world in the month of March has resulted in economic losses of roughly $8 billion, with approximately half of this coming from events that hit the U.S., according to global insurance and reinsurance broker, Aon. Aon's monthly global catastrophe report highlights numerous flood events, which, combined are ... Read the full article

“Vast majority” of Midwest flood damage to go uninsured: A.M. Best

5th April 2019

According to A.M. Best, the “vast majority” of the damages to property from the ongoing flooding in Nebraska and other states along the Missouri River, which is expected to exceed $3 billion, will be uninsured. The Midwestern U.S has experienced major floods since mid-March 2019, partly caused by a blizzard early ... Read the full article

Government’s nat cat funding should target prevention over response: ICA

4th April 2019

The Insurance Council of Australia (ICA) has expressed its frustration at the lack of preventative measures the country's government has adopted to tackle the economical and societal impacts of natural catastrophe events. In the aftermath of severe flooding in the Townsville and Queensland areas of Australia, which resulted in billions of ... Read the full article

FEMA returns to capital markets for NFIP risk transfer

21st March 2019

The U.S. Federal Emergency Management Agency (FEMA) has returned to the capital markets as it looks to transfer $300 million of risk from the National Flood Insurance Program (NFIP). FEMA is seeking at least $300 million of collateralised reinsurance protection from insurance-linked securities (ILS) investors through its second catastrophe bond transaction ... Read the full article

ICA Townsville industry loss estimate exceeds AU$1bn

20th March 2019

The Insurance Council of Australia’s updated industry loss estimate for the flooding in Townsville, Queensland has hit AU$1.04 billion (US$737.4 million), an increase of AU$434 million from a month ago. ICA Chief Executive Officer Rob Whelan said insurers have so far received 25,778 claims, with around 90% of those consisting of ... Read the full article

FEMA announces changes to NFIP pricing structure: Reports

19th March 2019

The Federal Emergency Management Agency (FEMA) has announced changes to the National Flood Insurance Program (NFIP), a move that could increase costs for some homeowners, reports Bloomberg. Under the new initiative, called Risk Rating 2.0, NFIP premiums will be tied to the actual flood risk of individual homes, instead of the ... Read the full article

Nebraska submerged after “bomb cyclone” wreaks havoc across Midwestern US

18th March 2019

Much of Nebraska remains submerged as the state’s emergency services attempt to cope with the worst flooding seen in 50 years. The floods are a direct result of last week’s “bomb cyclone”, which saw hurricane force winds, tornadoes, flooding and heavy snow sweep through various parts of the American Midwest. Nebraska Governor ... Read the full article

Australia’s Queensland floods to cost re/insurers $893mn: Aon

7th March 2019

The re/insurance industry is expected to incur losses of AUD $893 million (USD $635 million) as a result of the widespread flooding that affected Australia’s North Queensland from January 26 to February 7, according to Aon’s Impact Forecasting team. The estimate came as part of Aon’s monthly Global Catastrophe Recap report, ... Read the full article

Emergency declared as winter storm floods 2,000 California homes

1st March 2019

A state of emergency has been declared after days of unrelenting rainfall from a severe winter storm flooded more than 2,000 homes and businesses across two towns in California’s Sonoma County. The towns of Monte Rio and Guerneville, about 70 miles north of San Francisco, were surrounded by floodwaters after the ... Read the full article

Study shows how augmented data sets significantly impact flood loss estimates

26th February 2019

Insurdata, in collaboration with speciality insurer and reinsurer Canopius, flood risk modeller Fathom and ModEx, a catastrophe risk modelling platform from Simplitium, has released the findings of a new flood data survey that focuses on altered risk profiles in light of augmented property exposure data. The report highlights a number of ... Read the full article

JBA to deliver Sri Lanka Flood Model on Simplitium’s ModEx platform

20th February 2019

Simplitium, a provider of risk analysis services, has announced that the Sri Lanka Flood Model from global flood risk modeller JBA Risk Management is to be delivered on its multi-vendor ModEx platform. It’s hoped the move will broaden accessibility of the Sri Lanka model for both insurers and the wider Disaster ... Read the full article

ICA estimates current industry Townsville losses at $606mn

15th February 2019

The Insurance Council of Australia (ICA) has recorded 15,571 insurance claims from the flooding in Townsville, Queensland so far, with current industry losses estimated to be around AUD $606 million (US $429 million). Rob Whelan, Chief Executive Officer (CEO) of the ICA, today briefed the Queensland Deputy Premier on the re/insurance ... Read the full article

Townsville flooding triggers Suncorp’s aggregate reinsurance program

14th February 2019

Australian primary insurer Suncorp Group has revealed that catastrophe losses resulting from the recent flooding in the city of Townsville, Queensland have triggered its Natural Hazards Aggregate Protection (NHAP) reinsurance program. The company explained that, while it is still too early to estimate the gross costs of the flooding, its losses ... Read the full article

Some reinsurance claims expected from Australia’s Townsville flooding

12th February 2019

Damages from the torrential rainfall and flooding in the Australian city of Townsville, Queensland are expected to trigger reinsurance protection for some exposed insurers, according to reports from the Courier Mail. The latest data from the Insurance Council of Australia shows that 14,600 insurance claims have been lodged as of Tuesday ... Read the full article

Townsville flooding claims rise again, cost now estimated at AUD 165mn: ICA

11th February 2019

Insurance companies have now received 13,560 claims, amounting to losses of an estimated AUD 165 million (USD 117mn), in relation to the torrential rainfall and flooding in the City of Townsville, Queensland, according to data from the Insurance Council of Australia (ICA). The latest figures are as of 10am local time, and the ... Read the full article