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.

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

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