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.

HCI insurance subsidiary gets approval to write flood insurance in Pennsylvania

18th July 2017

HCI insurance subsidiary, Homeowners Choice Property & Casualty Insurance Company, has received regulatory approval to write flood insurance in Pennsylvania. The re/insurers proposed rates and forms are still awaiting approval from State regulators before HCI can begin expanding into the Pennsylvania market. Last month the re/insurer announced plans to begin the regulatory ... Read the full article

HCI Group to expand flood insurance offering to nine additional states

23rd June 2017

HCI Group announced its begun the regulatory process to expand flood insurance from its sole Florida market into nine additional states including Arkansas, California, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, and Texas. Paresh Patel, HCI Group’s chairman and chief executive officer, said;  “A core part of our long-term ... Read the full article

A U.S. flood reinsurance market boom? S&P Global

9th June 2017

The upcoming reauthorization of the National Flood Insurance Program (NFIP) has created a flurry of renewed interest in U.S. flood reinsurance, but with social and political uncertainties and the nature of flood risk itself remaining as significant obstacles, what kind of market growth is realistic for the foreseeable future? In a recent ... Read the full article

Sri Lanka natural disaster reinsurance expired just before floods

7th June 2017

The National Insurance Trust Fund (NITF) of Sri Lanka's failure to sign reinsurance arrangements that lapsed around two months ago means the organisation will have to use its own funds to pay compensation for property damage from recent flooding and landslides in the country. Reports from the Disaster Management Centre (DMC) claim ... Read the full article

Recent Canadian flooding unlikely to impact reinsurance: S&P

26th May 2017

While losses will cause a hit to insurers, the recent flooding that impacted parts of Canada in the provinces of Quebec, Northern Ontario and British Columbia is not anticipated to hurt reinsurers or affect reinsurance protection. Rating agency Standard & Poor's says that preliminary estimates put economic losses from the flooding ... Read the full article

Re/insurance essential in the management of rising, global flood risk: Guy Carpenter

18th May 2017

International reinsurance brokerage, Guy Carpenter, recently held a forum in Berlin, Germany that underlined the importance of utilising efficient and effective re/insurance capacity and solutions to improve flood risk management, one of the world's most costly perils. Flood risk is one of the world's most advancing and evolving perils, driving high ... Read the full article

Canada hit with heavy flooding, too early to call losses

16th May 2017

Canadian provinces of British Columbia, Quebec, Ontario, and the Canadian Maritimes were hit with severe floods after persistent, heavy rainfall combined with snowmelt, causing rivers and lakes in the region to swell. Losses are expected to be felt in the millions of dollars (USD), but it's too early to call industry ... Read the full article

Senate urged to let FEMA use more reinsurance for NFIP flood risk

18th April 2017

U.S. Senator for Nevada Dean Heller has called on his fellow Senators to consider legislation that would enable the Federal Emergency Management Agency (FEMA) to cede more of its risk to global reinsurers. In a letter to the Chair and a member of the Senate Banking, Housing and Urban Affairs Committee, ... Read the full article

Urbanised Latin America – highly vulnerable to climate risk: Swiss Re

11th April 2017

With climate change ramping up the heat on emerging markets already vulnerable to natural disaster risk, the highly urbanised but marginally protected Latin America appears poised for increased economic and social fallout - if the region fails to develop improved risk mitigation solutions. Martyn Parker, Chairman of Swiss Re Global Partnerships, ... Read the full article

FM Global creates innovative map for flood risk analysis

11th April 2017

Property insurer FM Global has created an innovative map to give businesses a comprehensive overview of flood exposure after recent years have shown flooding to consistently be the costliest overall peril globally. Flooding accounted for $62 billion in economic losses last year according to Aon estimates - in response to ... Read the full article

Kingstone’s voluntary NY flood solution brings more risk to private market

23rd March 2017

Property and casualty insurance holding company, Kingstone Company, Inc., has received necessary approval for its innovative voluntary flood solution for National Flood Insurance Program (NFIP) X-Zone residents in New York State, the company has announced. It's believed that this is the first voluntary flood solution in New York State, and enables NFIP X-Zone ... Read the full article

BIBA scheme aims to expand UK commercial flood insurance availability

21st March 2017

The British Insurance Brokers' Association (BIBA) is aiming to expand the availability of flood insurance for small and medium-sized enterprises (SMEs) in flood risk areas not served by the government-backed Flood Re initiative, via a new commercial scheme that could increase the need for reinsurance protection. Executive Director of BIBA, Graeme ... Read the full article

FEMA calls for flood insurance expansion via private markets and NFIP

20th March 2017

Federal Emergency Management Agency (FEMA) official, Roy Wright, has underlined a need to expand flood insurance protection across the U.S., supported by the multi-year reauthorisation of the National Flood Insurance Program (NFIP) and growing interest for participation from insurers and reinsurers. Addressing the U.S. Senate Committee on Banking, Housing, & Urban Affairs ... Read the full article

JLT Re partners with KatRisk for flood risk modeling

20th March 2017

Reinsurance brokerage and advisory JLT Re has partnered with KatRisk, a specialist flood risk modeller, to help it bring enhanced flood risk modeling capabilities to its client base. KatRisk is a specialist in the flood risk model space, with tools offering flood inundation maps at multiple return periods as well as ... Read the full article

Trump’s budget proposes scrapping funding for NFIP flood maps

16th March 2017

President Donald Trump's first proposed budget includes a measure that would scrap all funding for the National Flood Insurance Program's Flood Hazard Mapping Program. The Flood Hazard Mapping Program sees the Federal Emergency Management Agency (FEMA) working to identify flood hazards, assess flood risks and work alongside states and communities to ... Read the full article