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.
Flood risk routinely underestimated, warns MMC
22nd July 2022
Re/insurance broker Marsh McLennan has released its updated Flood Risk Index 2.0, which maps how a changing climate will shape flood risk in the future. The report warns that flooding is the most pervasive natural disaster, and yet its costs are routinely underestimated. And now, climate change, economic and demographic trends, and ... Read the full article
JENOA adopts RMS maps for flood risk in Middle East
20th July 2022
Boutique digital broker JENOA Insurance & Risk Management (JENOA) has adopted Global Flood Maps from RMS - a Moody’s Analytics company and risk modeling and solutions company, to provide an analytical view of flood risk in the Middle East and beyond. The recently launched RMS Global Flood Maps provide views of ... Read the full article
Neptune Flood announces partnership with SIAA
20th July 2022
AI-driven flood insurtech Neptune Flood has announced a new partnership with SIAA (Strategic Insurance Agency Alliance), an US alliance of independent insurance agencies. With this partnership, SIAA members will have access to Neptune solutions for flood risk through SIAA MarketFinder, SIAA’s online member-only portal for difficult-to-place and specialty risk markets. According to ... Read the full article
Generali GC&C partners with Previsico on flood resilience
19th July 2022
Generali Global Corporate & Commercial (GC&C) has partnered with Previsico, a live flood alert insurtech company to “significantly” enhance UK clients’ flood emergency response readiness. Generali GC&C aims to broaden its own insurance coverage capabilities using Previsico’s technical expertise and warning solutions which provide live, actionable surface water flood warnings not ... Read the full article
ICA says insurers have received nearly 8,500 claims related to Australian flooding
8th July 2022
The Insurance Council of Australia (ICA) says insurers have received 8,415 claims with an estimated insurance loss of $97.9 million arising from the floods that have hit New South Wales in recent days. According to the ICA, 84% of claims are for property, with 14% for motor, and the rest commercial. ... Read the full article
ICA says NSW flood claims now over 4,300
6th July 2022
The Insurance Council of Australia (ICA) has tweeted that the number of claims relating to the storms and resultant flooding in New South Wales has reached 4,360. According to the ICA, 84% of the claims received have been for property and 14.5% have been for motor. However, it says that it ... Read the full article
ICA declares Australian floods to be ‘significant event’
5th July 2022
The Insurance Council of Australia (ICA) has declared a ‘significant event’ for regions of New South Wales impacted by significant storm and flooding over the past few days. This means that the ICA's preliminary catastrophe processes have been activated, assisting the ICA and insurers to assess the insurance impact of the ... Read the full article
Australia floods again, with Sydney area badly hit
3rd July 2022
Australia has been hit by more significant rainfall and strong winds as an East coast low batters the country, with parts of Sydney particularly badly hit as 350 mm of rainfall has been recorded and numerous rivers reach flood stage. Thousands of households have been told to evacuate due to flood ... Read the full article
Flood resilience and prevention need to achieve better outcomes: Zurich
30th June 2022
Imprecise forecast and modelling, “flood dementia”, and inadequate early warning systems are some of the issues to be addressed to improve flood resilience and prevention, according to Zurich. Last year, the extreme weather event “Bernd” caused great human suffering, and millions in damage; such as primary German insurer Provinzial gross claims ... Read the full article
ICEYE launches geospatial flood analysis platform
30th June 2022
ICEYE, a provider of SAR data and natural catastrophe analysis solutions, has announced the launch of ICEYE Insights, a geospatial platform that allows insurers to combine ICEYE’s flood observation data with their property insurance information. Utilising the EigenPrism catastrophe risk management tool, the ICEYE Insights platform is automatically updated with data ... Read the full article
APRA finalises prudential framework changes to support cyclone reinsurance pool
29th June 2022
The Australian Prudential Regulation Authority (APRA) has finalised amendments to the prudential framework for general insurers, to support the operation of the government’s cyclone and related flood damage reinsurance pool. The legislation was passed through in March 2022 and will be administered by ARPC. Changes to GPS 001, GPS 114, GPS 116 ... Read the full article
2022 floods among Australia’s costliest ever disasters: ICA
28th June 2022
New data from the Insurance Council of Australia shows that flooding in South-East Queensland and Northern New South Wales in late February and early March has caused $4.8 billion in insured damages, meaning it ranks as the third costliest extreme weather event in Australia’s history. Only Cyclone Tracy (1974) and the ... Read the full article
Previsico & Zurich to boost flood resilience across UK public sector
22nd June 2022
Live flood warning insurtech firm Previsico and Zurich Municipal have announced a new partnership to boost flood risk resilience across the public sector. The partnership will provide Zurich Municipal’s customers with a surface water flood warning system for the first time and free of charge. At the same time, this solution will ... Read the full article
ICA welcomes $741m in funding to protect Australian homes from flooding
21st June 2022
The Insurance Council of Australia (ICA) has welcomed the confirmation of $741m in additional funding to better protect Queensland homes and communities from the impacts of extreme weather that was handed down in the State Budget this week. According to the ICA, the Government’s commitment to additional funding, co-funded by the ... Read the full article
London council calls on Flood Re to expand coverage
17th June 2022
Westminster Council has called on UK government reinsurer Flood Re to be expanded due to its ‘restrictive criteria’ making it unavailable to private renters or properties with four flats or more. As reported by London’s Evening Standard newspaper, the council says that the scheme is currently ‘insufficient’. It says that it ... Read the full article
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