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ICA declares catastrophe for east coast storms & flooding

10th February 2020

The Insurance Council of Australia (ICA) has declared the sixth catastrophe in the past five months, following property losses caused by recent storms and flooding across the east coast since February 5th, 2020. According to the ICA, insurance companies have received 10,000 claims with the value of claims estimated at AUD ... Read the full article

Gallagher partners with FloodFlash on parametric policy

3rd February 2020

Re/insurance broker Gallagher has announced a new partnership with insurtech start-up FloodFlash, which will enable it to provide a parametric flood insurance policy to its UK clients. The parametric policy means claims will be settled based on a pre-defined trigger point, rather than through the traditional assessment of the cost of ... Read the full article

FEMA targets additional catastrophe bond coverage for NFIP

31st January 2020

The US Federal Emergency Management Agency (FEMA) is seeking a further $300 million of flood protection from the capital markets with its third catastrophe bond issuance, FloodSmart Re Ltd. (Series 2020-1). This is the third time FEMA has looked to secure flood reinsurance protection from the capital markets for its National ... Read the full article

Kin targets Florida homeowners with new flood solution

22nd January 2020

Catastrophe-focused insurance technology firm, Kin Insurance, now offers flood coverage for Florida homeowners through its Florida home insurance carrier, the Kin Interinsurance Network. In an announcement, Kin Insurance states that the flood protection is an insurance endorsement and can be tailor made to Florida homeowners in areas deemed low-risk, moderate-risk, or ... Read the full article

Fathom collab opens US flood model to public

15th January 2020

UK-based flood risk modeller Fathom has announced its participation in a US partnership that will open flood mapping and coastal risk data analysis to the public. Fathom joined US Non-Profit organisation First Street Foundation to produce a comprehensive flood and coastal risk analysis of the US. The data will be used to ... Read the full article

FEMA renews NFIP reinsurance program with $1.33bn of coverage

2nd January 2020

The U.S. Federal Emergency Management Agency (FEMA) has announced the renewal of its flood reinsurance program to protect the National Flood Insurance Program (NFIP), securing $1.33 billion of protection. The coverage was secured from a panel of 27 reinsurance companies, and protects the NFIP from events on a per-occurrence basis for ... Read the full article

Insurtech Neptune Flood adds Jean-Luc Eckstein as Executive Director

24th December 2019

Neptune Flood Incorporated, an insurtech firm focused on the flood market, has announced the appointment of Jean-Luc Eckstein as Executive Director. He joins Neptune Flood from CDW, a Fortune 500 technology solutions provider, where he served as International Client Strategy Manager, overseeing a team responsible for cross border technology sales. In his ... Read the full article

Flood Re tenders for new retro reinsurance broker

17th December 2019

Flood Re, the UK’s government-backed reinsurance scheme, has commenced the process of finding a new retrocessional reinsurance broker to support the company over the coming three to six years. Eligible brokers have been asked to submit an application by January 23, 2020, with the new contract set to begin on July ... Read the full article

Flooding & storms to drive multi-billion-dollar losses in Europe: Aon

6th December 2019

The flooding and inland storms that impacted parts of western and southern Europe in November are likely to drive multi-billion-dollar economic losses, according to re/insurance broker Aon. The economic impact in Italy alone is expected to near $2 billion, Aon said in its Global Catastrophe Recap report for the month, with ... Read the full article

France & Italy brace for hundreds of millions in flood losses: Aon

29th November 2019

Flooding this week in parts of southeastern France and northwestern Italy along the Mediterranean coast is likely to drive economic losses in the hundreds of millions of euros range, if not higher, according to re/insurance broker Aon. Parts of France and Italy were hit with torrential rains between November 21 and ... Read the full article

FEMA commences procurement of 2020 NFIP reinsurance renewal

19th November 2019

The U.S. Federal Emergency Management Agency (FEMA) has started its procurement process for the renewal of a flood reinsurance programme, designed to protect against flood risks in the U.S. that are insured by the National Flood Insurance Program (NFIP). FEMA has returned to the traditional market for its NFIP reinsurance program ... Read the full article

Flood insurtech Neptune files patent for Triton technology

19th November 2019

Neptune Flood, an all-digital flood platform that leverages data analytics to provide agents and direct buyers the ability to rapidly quote and bind a policy, has filed a patent application for its Triton technology. Triton powers Neptune’s residential flood insurance product’s ability to executive a series of risk, pricing, disaggregation and ... Read the full article

Flood forecasting insurtech Previsico launches in UK

14th November 2019

Previsico, a SpinOut insurtech company from Loughborough University that specialises in flood modelling, has announced its nationwide launch in the UK. The firm aims to support re/insurers, brokers, and their customers with live actionable flood warnings, including uniquely for surface water flooding. Previsico believes that the growing threat of surface water flooding ... Read the full article

Northern England flooding could drive up to £120m in claims: PwC

13th November 2019

Extreme weather in northern England which over recent weeks has caused widespread damage and flooding could see claims payouts of between £80 million and £120 million, according to PwC. Over 500 properties have been flooded and 1,200 households evacuated as certain parts of the region was hit with a month’s worth ... Read the full article

Fathom’s flood maps, datasets included in Coastal Risk’s US reports

12th November 2019

US-based flood and natural hazard risk assessment firm, Coastal Risk Consulting has entered into a new partnership with UK domiciled flood modeller, Fathom. Under the new partnership, Fathom's up-to-date and comprehensive US flood maps and datasets, for both rainfall and river flooding, are incorporated in Coastal Risk Consulting's risk reports for ... Read the full article

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