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 taps capital markets for $450m of flood reinsurance for NFIP
24th February 2022
The U.S. Federal Emergency Management Agency (FEMA) has again turned to the capital markets to secure an additional $450 million of reinsurance for the National Flood Insurance Program (NFIP), via its fifth FloodSmart Re Ltd. catastrophe bond transaction. The issuance of FloodSmart Re Ltd. (Series 2022-1), FEMA's special purpose insurer, ... Read the full article
Liberty Specialty Markets launches personalised flood warning initiative
22nd February 2022
Liberty Specialty Markets (LSM) has launched an initiative to help commercial clients understand the real-time danger and impact and flooding. The scheme will see flood-affected commercial clients receive personalised warnings and graphical representations of water levels in their immediate area, allowing them to take action to protect their premises from flood ... Read the full article
Munich Re backs $15m funding round for FloodFlash
10th February 2022
Parametric insurtech firm FloodFlash has secured $15 million in a Series A round of funding that was led by Chicago-based Buoyant Ventures with Munich Re Ventures also featuring as an investor. Sony Financial Ventures/Global Brain, MS&AD Ventures and PropTech1 all participated in the round alongside existing investors Pentech, Local Globe and ... Read the full article
Neptune Flood writes its 100,000th policy
9th February 2022
Neptune Flood has announced it has written its 100,000th policy. The flood insurer, which opened for business in 2018, said it has now expanded its reach to 48 states, plus Washington DC with its residential, commercial, and condominium flood insurance products. Jean-Luc Eckstein, chief customer officer for Neptune Flood, said that the ... Read the full article
Jefferies pegs 2021 insured cat losses at $122bn+
8th February 2022
2021 has proven to be the fifth consecutive year of above average claims from natural catastrophes, with insured losses totalling $122.4 billion, primarily due to the quantity of medium-sized losses across multiple perils and regions, according to analysts at Jefferies. Jefferies also expects that with insured losses at 58% above average, ... Read the full article
JBA Risk Management releases new UK Flood Model
7th February 2022
JBA Risk Management has released its new UK Flood Model for insurers. As part of its launch, the firm said that it had done a new analysis that suggested that a quarter of UK properties were at risk of flooding. It estimated that the cost of this would be £527m to ... Read the full article
Financial costs of floods to rise more than 25% by 2050
3rd February 2022
New research suggests that the financial cost of flooding could increase by more than 25% by 2050. The University of Bristol study, published in Nature Climate Change, looked to forecast annual flood losses. It estimated that these would increase by 26.4% to $40.6bn in fewer than three decades. Using data from Fathom, ... Read the full article
NFIP keen to work with private sector; sees reinsurance partnerships as mutually beneficial
31st January 2022
The U.S. Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) is eager to continue working with the private sector to help close the country's flood protection gap and has called on its reinsurance partners to encourage clients to explore flood risk. "We want to continue to work with the ... Read the full article
Previsico appoints new chairman
25th January 2022
David Marock is to join Previsico as chairman, it was announced this week. Marock, former CEO of the Charles Taylor Group, will be working to help the UK business expand into what the company says will be a ‘global insurtech leader in the live flood forecasting space’. In a statement, Marock said: ... Read the full article
Flood Re to launch new property data service
12th January 2022
UK government-backed reinsurance scheme Flood Re will be launching a new property data service in the first quarter of this year, following a deal with specialist provider Addresscloud. Under the contract, Addresscloud will build and manage a new Property Data Hub (PDH) for Flood Re, which will provide property specific information ... Read the full article
FEMA sees decline in participating Lloyd’s Syndicates at 2022 NFIP reinsurance renewal
10th January 2022
The U.S. Federal Emergency Management Agency's (FEMA) January 2022 flood reinsurance renewal for the National Flood Insurance Program (NFIP) saw a reduction in the number of participating Lloyd's syndicates, which could be a reflection of the heavy catastrophe load. FEMA recently announced the procurement of $1.064 billion of flood reinsurance ... Read the full article
FEMA secures smaller $1.064bn NFIP flood reinsurance placement for 2022
7th January 2022
The U.S. Federal Emergency Management Agency (FEMA) has renewed the National Flood Insurance Program's (NFIP) reinsurance for 2022, securing $1.064 billion of flood protection for a total premium of $171.9 million. The 2022 renewal sees FEMA transfer less of the NFIP's financial risk to the private reinsurance market when compared with ... Read the full article
British Columbia flood losses reach estimated $450mn
13th December 2021
The recent flooding in southern British Columbia is now estimated to have caused $450 million in insured damage, according to preliminary estimates from Catastrophe Indices and Quantification (CatIQ). This will be the most costly severe weather event in the province’s history, and began with a series of atmospheric rivers on November ... Read the full article
BLM calls for Irish re/insurance scheme to combat flood risk
10th December 2021
Insurance risk and commercial law firm BLM has called on the Irish Government to consider a review of the flood insurance market in Ireland, including the possibility of establishing an equivalent to the UK’s Flood Re initiative. Devastating flooding has become an increasingly common issue in Ireland, particularly in areas such ... Read the full article
Neptune Flood partners with insurance marketplace Attune
7th December 2021
AI-driven flood insurtech Neptune Flood has announced a new partnership with Attune Insurance, a New York-based commercial insurance marketplace. Going forward, brokers using Attune will have access to Neptune solutions for flood risk. Neptune offers coverage limits eight times the level of the NFIP and optional business interruption cover to help businesses ... Read the full article
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