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.

Potential insured flood losses pushed above NFIP’s median: Morgan Stanley

20th October 2022

The scope and intensity of Hurricane Ian have pushed potential insured flood losses above the median with reinsurers and auto carriers on the hook, according to analysts at Morgan Stanley. Cat model estimates for Hurricane Ian's flood-based insured losses are at an average of $11 billion, which is ~3x the median ... Read the full article

ICA declares insurance catastrophe in three Australian flooded states

19th October 2022

The Insurance Council of Australia (ICA) has declared an Insurance Catastrophe for Victoria, Tasmania and New South Wales. The three states are suffering the impacts of severe weather and flooding that started last week. The ICA’s Catastrophe declaration escalates and prioritises the insurance industry’s response to the disaster. The escalation includes obliging ... Read the full article

Australia hit with more destructive floods

14th October 2022

At least 500 homes have been flooded in southeast Australia after the region was inundated with heavy rain yesterday, resulting in evacuations across three states. Rivers across New South Wales and Victoria, as well as the island state of Tasmania, are rising dangerously after some areas received four times their average ... Read the full article

Property flood resilience measures could reduce re/insurer losses: JBA

12th October 2022

A new study by flood risk modeller JBA Risk Management has revealed that adopting Property Flood Resilience (PFR) measures could have a major impact on projected flood losses in the UK, with a possible loss reduction of up to £453m a year. The review was carried out following the launch of ... Read the full article

Ian to make FEMA’s 2023 NFIP reinsurance renewal more challenging & costly

12th October 2022

Prior to hurricane Ian's landfall in Florida, the U.S. Federal Emergency Management Agency (FEMA) had already started the process of renewing the National Flood Insurance Program's (NFIP) traditional reinsurance protection for the January 2023 renewals, a process which now looks set to be even more challenging. The severe and widespread flooding ... Read the full article

Hurricane Ian re/insured wind and flood losses could reach $53bn, says CoreLogic

7th October 2022

CoreLogic, a global provider of property information, analytics, and data-enabled solutions, has raised its re/insurance industry loss estimate for the wind and flood impacts of hurricane Ian to between $31 billion and $53 billion. The latest figures from CoreLogic peg the insured wind loss in Florida at between $22 billion and ... Read the full article

FEMA receives more than 25,000 NFIP claims following hurricane Ian

6th October 2022

A week after hurricane Ian caused significant flooding in the State of Florida, FEMA's National Flood Insurance Program (NFIP) has received over 25,000 claims. The average claims cost of previous significant flood events suggests that the claims received by the NFIP as of October 4th, 2022, amounts to well over ... Read the full article

$2.81bn of Australian East Coast flood claims now closed

30th September 2022

The Insurance Council of Australia (ICA) has released new data showing more than half of insurance claims related to the February and March floods have been closed, with the latest figures revealing a 10% increase from last month amounting to $2.81bn or 54%. Read the full article

Hurricane Ian batters Florida as a major Cat 4 storm

29th September 2022

Hurricane Ian made landfall on Wednesday as a major Category 4 storm with maximum sustained winds of around 155 mph near the Cayo Costa area, bringing widespread flooding, property damage, and power outages. The NHC warned of severe and life-threatening storm surge inundation of as much as 8 to 10 feet ... Read the full article

Insurers need partners to reduce flood risk worldwide: Triple-I

28th September 2022

Analysts from the Insurance Information Institute(Triple-I) have stated that insurers need partners to reduce the threat flooding poses to life and property worldwide, and are taking several steps to achieve this. Advances in data and communication, as well as in collaboration and innovation are needed to achieve such a mindset focused ... Read the full article

ICEYE enters into pilot flood scheme with If P&C Insurance

14th September 2022

ICEYE, a world-leading provider of natural catastrophe data, has launched a pilot scheme with If property & casualty (P&C) Insurance to use its Flood Insights product. The data and insights that ICEYE provides enables users to gain rapid situational awareness of any flood event globally. High resolution flood imagery is captured via ... Read the full article

Australia flood loss up 29% to $6.3bn in fresh PERILS update

13th September 2022

Catastrophe loss aggregator PERILS has provided a new insurance industry loss estimate of AUD 6.292 billion (USD 4.329 billion) for the devastating Eastern Australia floods that occurred over February and March this year. This update represents a significant 29% increase over the previous loss estimate of AUD 4.895 billion (USD 3.367 ... Read the full article

European flood added to PERILS database

12th September 2022

Zurich-based catastrophe loss aggregator PERILS has expanded its market coverage to include exposure and event loss data for European floods. The new service, which comes in the wake of devastating floods across Europe in 2021, will enhance the firm’s existing windstorm coverage across the continent. The expanded coverage means that data for ... Read the full article

Generali Romania partners with Intermap for flood risk assessment solution

5th September 2022

Intermap Technologies has announced Generali Romania is expanding its risk assessment capabilities by incorporating Intermap's Aquarius RMA (Aquarius) cloud-based flood risk solution into its core insurance processes. The Aquarius software solution is composed of multiple analytics and geocoding capabilities which will provide Generali Romania with a comprehensive picture of the possible ... Read the full article

Santam passes most of $257m flood loss to reinsurers

1st September 2022

South African insurer Santam has reported its results for the first six months of 2022, which include a gross exposure of R4.4 billion (USD 257 million) to flooding in the KwaZulu-Natal province. However, the company’s net impact from the floods was limited to R566 million (USD 33 million) thanks to its ... Read the full article