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 selects AIR Worldwide flood risk model for NFIP

13th November 2017

The Federal Emergency Management Agency (FEMA) has selected AIR Worldwide’s Inland Flood and Storm Surge risk models for the United States to help it to get a better understanding of the National Flood Insurance Program’s (NFIP) loss potential. By taking up the AIR flood risk model, FEMA will benefit from a ... Read the full article

Recent events highlight expanding U.S. protection gap

27th October 2017

The impact of recent hurricanes in the third-quarter of 2017 on parts of the U.S. brings the country's protection gap into focus, with greater insurance penetration required for what's considered the most developed market in the world. Hurricanes Harvey and Irma brought intense and damaging levels of rainfall, flooding and surge ... Read the full article

AIR launches inland flood model for Japan

24th October 2017

Global catastrophe risk modeller, AIR Worldwide, has launched a new inland flood model for Japan and enhanced the Japan typhoon model, providing a more comprehensive view of the country's flood risk. The models are available through Version 5.1 of AIR's catastrophe risk modelling software, Touchstone, and CATRADER Version 19.1 catastrophe risk ... Read the full article

Hiscox Re and ILS looks to narrow flood protection gap with FloodXtra

17th October 2017

In an effort to address the flood protection gap (disparity between economic and insured losses post-event), Hiscox Re and ILS has launched FloodXtra, a new solution for U.S. personal lines flood insurers. The flood protection gap in the U.S. was highlighted recently by hurricanes Harvey and Irma, a reminder to the ... Read the full article

Insured losses from August Canada floods reach $124 million

28th September 2017

Late August flooding in Canada's Windsor region has caused more than $124 million in insured damage, according to the Insurance Bureau of Canada (IBC). Rains of up to 290 millimetres brought major flooding to Windsor, Tecumseh, and other parts of Essex County. The Windsor Airport broke a rainfall record, receiving 100 millimetres ... Read the full article

RMS appoints Pete Dailey VP, Global Flood Models team

25th September 2017

International catastrophe risk modeller, RMS, has named Pete Dailey Vice President (VP), to oversee the impending launch of the company's U.S. Inland Flood Model, which is scheduled for spring 2018. Dailey brings more than 15 years of industry experience to the role, and will lead flood model development in RMS' California ... Read the full article

Progressives auto loss from Harvey lower than analysts expected

20th September 2017

Insurance group The Progressive Corporation has reported its August catastrophe losses, including the impacts of hurricane Harvey, and the company has revealed auto insurance losses from the storm that are lower than analysts had forecast by quite a margin. Progressive has reported total catastrophe losses of $254 million for August, with ... Read the full article

Hurricane Harvey flood damage up to $75bn, private insured loss over $10bn: AIR

7th September 2017

Risk modelling firm AIR Worldwide has provided an estimate of the total property damage from hurricane Harvey's flooding at between $65 billion and $75 billion, while the risk modeller also estimates private insured wind, surge and flood losses of over $10 billion. The flooding property loss of up to $75 billion ... Read the full article

JBA’s flood risk models added to Aon Benfield and Boat Oasis platforms

5th September 2017

The JBA Risk Management probabilistic UK flood risk model has been included in the Elements platform by reinsurance broker Aon Benfield and a range of JBA flood models have also been added to the Boat Oasis shared services risk modelling platform. Aon Benfield said it was teaming up with JBA to ... Read the full article

April/May flooding in Quebec & Ontario results in over CA$223mn insured loss: IBC

4th September 2017

Two storms and subsequent major flooding in parts of Ontario and Quebec in early April, combined with a severe flooding event in the regions during early May, 2017, has resulted in an insurance industry loss of over CA$223 million (US$179 million), reports the Insurance Bureau of Canada (IBC). This is according ... Read the full article

NFIP receives over 67,000 Harvey claims, puts reinsurance in play

4th September 2017

The National Flood Insurance Program (NFIP) has now received more than 67,000 claims due to hurricane Harvey's flooding in Texas alone, a figure which puts the NFIP's reinsurance clearly in play. The 67,000 claims had been recorded by the end of the 2nd September, having risen from 51,000 on the 31st ... Read the full article

Aon launches flood replacement cover for Harvey hit organisations

30th August 2017

Insurance and reinsurance broking giant Aon has launched a flood insurance replacement product for those organisations that have been hit by flooding related to hurricane Harvey and have impaired or exhausted their coverage limits on property policies. Aon Risk Solutions, Aon plc's global risk management business, has created a flood limit ... Read the full article

Hurricane Harvey floods could bring NFIP reinsurance into play

29th August 2017

The flooding caused by hurricane Harvey's torrential rainfall continues and is in many cases worsening, with it being termed "catastrophic" and the worst rainstorm in American history. Flood losses to residential homes are of course dealt with by the National Flood Insurance Program (NFIP), where coverage has been purchased and that ... Read the full article

ISO’s new commercial flood program offers coverage that’s excess of the NFIP

11th August 2017

ISO, a Verisk Analytics business, has announced a new commercial flood insurance program that provides insurers with the ability to set their own limits and offer additional protection for risks not covered by the National Flood Insurance Program (NFIP). ISO has announced that the new insurance program enables insurers to provide additional ... Read the full article

UK is at risk of record level rainfall every winter: Met Office

28th July 2017

In the current climate the UK is at risk of seeing record-level monthly rainfall each winter throughout the months of October to March, the Met Office said in a report issued as part of the government's National Flood Resilience Review. For England and Wales there's an over 30% chance of a ... Read the full article