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.
UPC Insurance to sell NFIP flood book of business to Wright Flood
15th June 2022
United Property & Casualty Insurance Company (UPC Insurance) has agreed to sell to its flood insurance policy book to Wright National Flood Insurance Company – a leading provider of federal flood insurance. Under the agreement, Wright Flood will service, administer, and issue flood coverage under the National Flood Insurance Program (NFIP) ... Read the full article
Allianz and Swiss Re to lead flood risk transfer project in Ghana
14th June 2022
Allianz and Swiss Re, members of the Insurance Development Forum (IDF), will lead a Tripartite risk transfer project for urban floods in Ghana. The IDF, alongside the Ghana Ministry of Finance, the United Nations Development Programme (UNDP) and the German Government, announced its launching during the IDF ... Read the full article
C2S partners with Munich Re & Raincoat on parametric flood product
7th June 2022
Climate adaption technology company, Cloud to Street (C2S), has announced a partnership with Munich Re Group and parametric insurance platform, Raincoat, to roll out an at-scale parametric insurance program. Powered by C2S’ industry-leading flood intelligence, the parties say the collaboration marks the first major success of a flood parametric program created ... Read the full article
Insured loss from 2022 Australia floods rises to $4.3 billion: ICA
1st June 2022
The Insurance Council of Australia (ICA) has reported a 28% rise in the cost of the severe flooding across Southeast Queensland and Northern New South Wales earlier this year, making it the country's fourth costliest natural disaster event. As of Tuesday May 31st, 2022, insurance and reinsurance industry losses from the ... Read the full article
ICEYE to provide flood insights for Neptune Flood
10th May 2022
SAR data provider and expert in environmental flood hazard data, ICEYE, has entered into a strategic collaboration with AI-driven flood insurtech, Neptune Flood, As part of the collaboration, ICEYE will provide Neptune Flood with high-resolution flood hazard data in the immediate aftermath of a flood event to enable monitoring of Neptune’s ... Read the full article
PERILS estimates AUD 3.4bn in insured losses for Australia floods
19th April 2022
Catastrophe loss aggregator PERILS has disclosed its initial industry loss estimate of AUD 3.991 billion for the Eastern Australia floods, which occurred during the period of 23 February to 8 March 2022. The flooding was induced by an extended period of heavy rainfall resulting in major river and surface water flooding. PERILS’ ... Read the full article
Reinsurers likely to bear the brunt of Australia flood claims: AM Best
4th April 2022
According to rating agency AM Best, the majority of gross losses from the recent flooding in Australia likely will be felt by the reinsurance industry, as figures from the Insurance Council of Australia (ICA) put insured losses so far in excess of AUD 2.5 billion, which is likely to rise. The ... Read the full article
Floods drive high losses in 2021 as global insured nat cat bill hits $111bn: Swiss Re
30th March 2022
Data from Swiss Re Institute's latest sigma report shows that floods accounted for 31% of global economic losses from natural catastrophes in 2021, yet just 25% of flood risk is covered by insurance. Global economic losses from floods reached $82 billion in 2021, yet insurance and reinsurance industry losses totalled just ... Read the full article
Reinsurance shielding Australian insurers from flood ratings impact: Fitch
30th March 2022
Recent flooding and severe storms in south-east Queensland and New South Wales will affect insurers’ earnings rather than their capital, due to the strong reinsurance program that firms have in place, according to analysts at Fitch Ratings. The rating agency says insurers’ robust earnings and capital headroom should ensure their ratings ... Read the full article
ICA monitoring severe weather warnings
29th March 2022
The Insurance Council of Australia (ICA) has said that it is closely monitoring the severe weather and flood warnings currently in place across south-east Queensland and New South Wales, and that at least 14 recovery centres, including Lismore and Mullumbimby, have closed in the past 24-hours to ensure the safety ... Read the full article
PERILS issues final AU$688mn insured loss estimate for 2021 Australia floods
25th March 2022
Catastrophe insurance data provider PERILS has released its fourth and final industry loss estimate of AUD 688 million, for the New South Wales and Queensland floods which occurred during the period of March 18–24 2021. This final figure sees PERILS’ estimate decrease from AUD 751 million, issued on 24 September, ... Read the full article
ICA reports slowdown in number of claims made due to Australian flooding
21st March 2022
Australian insurers have received 153,769 claims related to the flooding in the country’s Queensland and New South Wales areas, a number that the Insurance Council of Australia (ICA) has said has increased by 2% since Friday. The ICA also said that the current estimated cost of claims is now $2.307bn. The ... Read the full article
Youi to make aggregate reinsurance recovery as Australia flood loss hits $2.2bn
17th March 2022
Insurance and reinsurance industry losses from the flooding in the Southeast Queensland and New South Wales regions of Australia have now reached $2.2 billion, as Sunshine Coast-based insurer Youi tells the Australian Financial Review that it will make a recovery under its aggregate reinsurance protection. Insurers across both states have now ... Read the full article
Large losses accumulate in Q1, with Japan quake the latest
17th March 2022
After another year of $100 billion+ catastrophe losses in 2021, reinsurers and London Market insurers are facing an accumulation of losses in the first quarter of this year, raising the likelihood that large losses exceed budget for the period, according to Bank of America. Analysts warn of heightened loss accumulation as ... Read the full article
ICA says flood costs at $2.11b, Cyclone Seroja at $346.7m
15th March 2022
The latest reports from the Insurance Council of Australia (ICA) suggest that insured costs from flooding in Australia’s Queensland and New South Wales areas have risen further, with industry losses now estimated at $2.11 billion. At the same time, the ICA has released an industry loss estimate of $346.7 million for ... Read the full article
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