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.
WhenFresh partners with Ambiental on FloodScore Climate data
18th November 2021
Property data specialists WhenFresh has announced further collaboration with risk management and predictive analytics firm Ambiental to make available its FloodScore Climate dataset available via its proprietary API. Ambiental’s FloodScore Climate solution is designed to enable the re/insurance and banking sector to respond to the Bank of England's regulatory requirements. It does ... Read the full article
Belgium floods amount to €2.1bn in damages
11th November 2021
Since the summer’s deadly floods in Belgium, insurance companies have received more than 71,000 claims with damages amounting to over €2.1 billion, according to The Brussel Times. These damage reports came from Liège, Verviers and Trooz, according to Nieuwsblad, who also reported that along with the damage to houses and buildings, ... Read the full article
ICEYE partners with MIS on flood hazard analysis
10th November 2021
A new partnership between ICEYE and McKenzie Intelligence Services (MIS) seeks to combine the former's building-level flood analysis for global flood events with the latter's 'decisions-as-a-service' platform. The agreement sees ICEYE, a commercial synthetic-aperture radar (SAR) satellite operator and flood data specialist, provide flood hazard analysis throughout active flood events to ... Read the full article
AXA XL launches Coastal Risk Index to map future flood hazards
8th November 2021
AXA XL launched the Coastal Risk Index (CRI), an innovative tool that maps current and future flood hazard resulting from climate change and integrates the protective benefits of coastal ecosystems into insurance risk models. The CRI has been developed in partnership with AXA’s scientific partners, IHE Delft (Netherlands) and University of ... Read the full article
Insurtech FloodFlash secures further Munich Re investment
1st November 2021
Munich Re is to provide capacity for the principal business of parametric flood insurtech FloodFlash, which aims to provide rapid-payout flood cover for SMEs and landlords. This is not the first time these two companies have crossed paths; the global reinsurer provided capacity for FloodFlash’s consultancy service in 2020. FloodFlash+ saw ... Read the full article
Neptune Flood announces NAPA Insurance Center partnership
22nd October 2021
AI-driven flood insurtech Neptune has partnered with National Automotive Programs, a Texas based specialty insurance broker. The partnership extends Neptune's platform to the NAPA family of over 22,000 locations nationally. NAPA provides access to an instant flood solution described as offering greater and broader coverages than the traditional National Flood Insurance Program ... Read the full article
Neptune Flood acquires parametric insurtech Jumpstart Insurance
4th October 2021
Neptune Flood, an insurtech firm focused on the flood market, has added parametric earthquake to its portfolio of technology-based insurance products via the acquisition of Jumpstart Insurance Solutions. Jumpstart leverages a parametric trigger approach to provide a set payout based on quake intensity, which unlike traditional quake cover, enables rapid payout ... Read the full article
Willis Re launches new flood model for MENA region
30th September 2021
Willis Re has launched a new flood model for the Middle East and North Africa (MENA) region designed to allow re/insurers' flood risk to be quantified using a catastrophe model. The model currently covers Morocco, the United Arab Emirates, and the Kingdom of Saudi Arabia, with further releases for Oman, Qatar ... Read the full article
Appetite for US flood risk still limited: AM Best
29th September 2021
A new report from AM Best has highlighted that appetite for flood risk among US insurers is still limited, despite a slow transition towards the private market playing a more prominent role in providing competitive market options for those seeking coverage. The rating agency notes that the federally operated National Flood ... Read the full article
Over-reserving sees PERILS drop Australia flood loss estimate to AU$751mn
24th September 2021
Catastrophe insurance data provider PERILS has cited over-reserving as the sole driver behind its significantly lower industry loss estimate from the New South Wales and Queensland flooding in March; what six weeks ago was AU$1.055 billion now stands at $751 million. Between March 18 and 24 the East Coast of Australia ... Read the full article
Effective reinsurance utilisation to reduce Provinzial’s Bernd losses: Fitch
22nd September 2021
Primary German insurer Provinzial is expecting gross claims of at least €1 billion from the flooding in the country in July, although the company's net hit should come down considerably thanks to its effective use of reinsurance, reports Fitch. In early August, Provinzial estimated that losses from Storm Bernd would ... Read the full article
JBA & RSIS partner on flood modelling for African insurers
22nd September 2021
JBA Flood Risk Management Limited has collaborated with Reinsurance Solutions Intermediary Services (RSIS), an African-based reinsurance broker that will use the JBA global flood modelling capability to provide flood risk analytics and catastrophe modelling services for its insurance clients across the continent. RSIS has offices in Mauritius, Ivory Coast, Kenya, South ... Read the full article
Flow announces Chaucer partnership
17th September 2021
Flood insurance platform Flow Insurance Services has announced a new partnership with Chaucer Group. The partnership is set up to allow the digital distribution of Chaucer's new residential flood insurance product. Flow's retail agents will have the ability to quote, bind, and service Chaucer's flood insurance product on the FlowRater. "I'm thrilled about ... Read the full article
European floods will hit reinsurers harder than Ida: AIG’s Zaffino
14th September 2021
AIG Chief Executive Officer (CEO) Peter Zaffino has suggested that the July flooding across Europe will likely “hit the reinsurance market more than Hurricane Ida.” Speaking during an interview as part of a recent KBW virtual insurance conference, Zaffino said that it remains too early to judge what the eventual loss ... Read the full article
SiriusPoint expects July flooding in Europe to dent its Q3 result by up to $100mn
9th September 2021
International specialty re/insurer SiriusPoint has updated its estimated third quarter losses arising from the European floods in July 2021. The flooding occurred in Germany’s North Rhine-Westphalia, Rhineland-Palatinate, and Bavaria and Saxony regions, as well as Belgium, France, Luxembourg, and the Netherlands from July 13th to 18th. Following an original loss estimate of ... Read the full article
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