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.
Townsville flooding triggers Suncorp’s aggregate reinsurance program
14th February 2019
Australian primary insurer Suncorp Group has revealed that catastrophe losses resulting from the recent flooding in the city of Townsville, Queensland have triggered its Natural Hazards Aggregate Protection (NHAP) reinsurance program. The company explained that, while it is still too early to estimate the gross costs of the flooding, its losses ... Read the full article
Some reinsurance claims expected from Australia’s Townsville flooding
12th February 2019
Damages from the torrential rainfall and flooding in the Australian city of Townsville, Queensland are expected to trigger reinsurance protection for some exposed insurers, according to reports from the Courier Mail. The latest data from the Insurance Council of Australia shows that 14,600 insurance claims have been lodged as of Tuesday ... Read the full article
Townsville flooding claims rise again, cost now estimated at AUD 165mn: ICA
11th February 2019
Insurance companies have now received 13,560 claims, amounting to losses of an estimated AUD 165 million (USD 117mn), in relation to the torrential rainfall and flooding in the City of Townsville, Queensland, according to data from the Insurance Council of Australia (ICA). The latest figures are as of 10am local time, and the ... Read the full article
Cost of rising Townsville insurance claims now estimated at AUD 147mn
8th February 2019
Widespread torrential rainfall and flooding in the City of Townsville, Queensland, Australia, has so far resulted in 11,800 insurance claims, amounting to roughly AUD 147 million in losses, according to local media reports citing the Insurance Council of Australia (ICA). The ICA declared the event a catastrophe earlier this week, after the coastal ... Read the full article
Flood claims to spike as Townsville residents return home: ICA
5th February 2019
The Insurance Council of Australia (ICA) is anticipating a significant increase in insurance claims as policyholders start returning to their homes after a catastrophe was declared in the city of Townsville, Queensland due to torrential rainfall and flooding. Townsville was hit with more than a metre of rain in just a ... Read the full article
Australia’s Townsville flooding declared catastrophe by insurance council
4th February 2019
The Insurance Council of Australia (ICA) has declared a catastrophe for insurance policyholders in the city of Townsville, Queensland, which has experienced torrential rainfall and flooding over the past week. Officials said that up to 20,000 homes are at risk of flooding after the coastal area received more than a metre ... Read the full article
FEMA announces renewal of NFIP reinsurance program
31st January 2019
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 $1.32 billion of protection. The $1.32 billion of traditional flood reinsurance protection was secured from a panel of 28 participating reinsurance companies, and is effective January 1st ... Read the full article
Lawmakers push for NFIP to cede more risk to reinsurers
18th January 2019
U.S lawmakers have reintroduced a bill that pushes for the National Flood Insurance Program (NFIP) to cede more of its risk to the private reinsurance market. The Taxpayer Exposure Mitigation Act is one of four bills introduced by Missouri Congressman Blaine Luetkemeyer that calls for improvements to the Federal Emergency Management Agency’s ... Read the full article
AmWINS to acquire Florida’s The Flood Insurance Agency
14th January 2019
Global specialty insurance provider, AmWINS Group, Inc., has agreed a deal in principle to acquire Florida-based managing general agency (MGA), The Flood Insurance Agency. The Flood Insurance Agency specialises in private market flood insurance, providing access to an alternative to the National Flood Insurance Program (NFIP). Operating as a Program Administrator for ... Read the full article
Flood Re premiums cut by up to £112 for 2019
2nd January 2019
Flood Re, the UK’s government-backed reinsurance scheme, has cut the reinsurance premiums it charges to insurance companies as of 1 January 2019, which in turn should lower the cost of flood protection for those most at risk of flooding in the UK. Premiums charged by Flood Re to insurers are set ... Read the full article
Oasis LMF, Nat Re and WTW to collaborate on new Philippines flood model
28th November 2018
Oasis Loss Modelling Framework (Oasis LMF) is to develop a new open-access catastrophe model for flood in the Philippines in collaboration with the National Reinsurance Corporation of the Philippines (Nat Re) and re/insurance broker Willis Towers Watson (WTW). The two-year project, called the ‘Oasis Platform for Catastrophe and Climate Change Risk ... Read the full article
Significant losses expected as Sydney storm brings flash flooding
28th November 2018
Significant insured losses are expected to arise from a storm that hit the city of Sydney, Australia this morning, bringing gale force winds and torrential rain that caused flash flooding and severe disruption. More than 500 Australians have called for emergency assistance following the storm, which also damaged buildings and vehicles, ... Read the full article
NFIP’s 2019 flood reinsurance renewal process begins
2nd November 2018
The U.S Federal Emergency Management Agency (FEMA) has begun the 2019 reinsurance program renewal process for its National Flood Insurance Program (NFIP), with the possibility of a multi-year deal being sought. FEMA first entered the reinsurance market in 2016 with $1 million of flood protection running from 19 September 2016 to ... Read the full article
RMS launches U.S Inland Flood HD Model
1st November 2018
Catastrophe risk modelling and analytics firm RMS has announced the release of its U.S Inland Flood High Definition (HD) Model, which accounts for all types of inland floods including those induced by both tropical cyclone and non-tropical cyclone rainfall. The model is coupled with the RMS North Atlantic Storm Surge Model ... Read the full article
Insured losses expected as deadly Italian storm floods Venice
31st October 2018
Almost three quarters of the city of Venice has been submerged under floodwaters after Italy was battered by a storm with windspeeds of up to 180km/h (110 mph) earlier this week. Widespread wind and flood damage has been reported across the country, which is expected to drive losses for primary insurers ... Read the full article
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