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.
US private flood insurance market growing, business insurance a key driver: AM Best
30th August 2023
A new approach in determining rates for policies issued through the National Flood Insurance Program (NFIP), Risk Rating 2.0, appears to be moving more premium into the US private flood insurance market, says global ratings agency AM Best. Looking at the situation from a geographic standpoint, a considerable amount of flood ... Read the full article
Low flood insurance penetration in western US leaves residents facing significant financial risk: Moody’s
25th August 2023
With more frequent intense floods predicted for the future, residents in western US states need to consider flood insurance, urges Moody’s, as it highlights the region’s low flood insurance penetration rates in a recent report. According to the report, this low percentage of insurance penetration has left residents in California and ... Read the full article
PERILS ups Emilia-Romagna flood industry loss estimate to €488m
22nd August 2023
Zurich-based catastrophe insurance data provider PERILS AG has increased its industry loss estimate for the floods in the Emilia-Romagna region of Italy during May to €488 million. According to PREILS, the loss estimate covers the property lines of business and is based on loss data collected from the Italian insurance market. This ... Read the full article
Private flood insurers grasp opportunities to grow market share across the US: Triple-I
18th August 2023
The US flood insurance market has grown 24% between 2016 and 2022, from $3.29 billion in direct premiums written to $4.09 billion, and it is against this background that private flood insurers are seizing opportunities to grow their market share, according to Triple-I This coincides with the federally backed National Flood ... Read the full article
Claims for China floods reach 260,600 as loss estimate hits $1.37bn
14th August 2023
China's insurance institutions have so far received 260,600 claims in the 16 regions affected by floods and geological disasters triggered by recent extreme rainfall, with the estimated losses set out in the claims totalling 9.78 billion yuan ($1.37 billion), according to the National Financial Regulatory Administration. In July, China was hit ... Read the full article
New US Flood Map provides “much needed” change in ability to understand flood risk: Fathom
9th August 2023
"For those in the business of assessing, taking on and managing risk, the data available via the US Flood Map provides a much needed and significant step change in the ability to understand flood risk in the US," suggests Dr Matthew Jones, Chief Product Officer at Fathom, a global leader ... Read the full article
FloodFlash partners with Hiscox to accelerate US growth ambitions
7th August 2023
Parametric flood insurance company FloodFlash has announced a new partnership with Hiscox to drive its US growth ambitions. "Hiscox is already an active participant in the US flood insurance market, and as a capacity provider for FloodFlash will support the market appetite for parametric as an efficient option for catastrophe covers," ... Read the full article
PERILS updates industry loss estimate for New Zealand floods to NZ $1.995bn
3rd August 2023
Zurich-based catastrophe insurance data provider PERILS AG has released its third industry loss estimate for the late January floods across the North Island of New Zealand, pegging the total at NZ $1.995 billion. According to PERILS, the updated industry loss figure is based on detailed loss data by postcode and property ... Read the full article
Fathom “revolutionizes” flood risk intelligence with new US Flood Map
1st August 2023
Fathom, a global leader in water risk intelligence, has released its new US Flood Map; a cutting-edge tool that provides "the most comprehensive climate-driven flood risk information for the United States." "As the private US flood insurance market grows, Fathom’s US Flood Map empowers (re)insurers, underwriters and risk professionals with invaluable ... Read the full article
Outgoing Flood Re Chair urges urgent action to adapt to climate change
14th July 2023
Mark Hoban, former City Minister and outgoing Chair of Flood Re, has issued a stark warning, emphasising the urgent need for the UK to adapt to climate change and prepare for an increased risk of flooding. In Flood Re's newly released "Transition Plan," which examines flood risk over the next two ... Read the full article
JBA to provide World Bank with Global Flood Maps under Development Data Partnership
12th July 2023
JBA, a leading flood science specialist, has been selected to supply the World Bank with enhanced access to its Global Flood Maps. This development follows JBA's appointment to the esteemed Development Data Partnership, which facilitates the responsible utilisation of third-party data in international development. The collaboration allows the World Bank to leverage ... Read the full article
Subsidence-related insurance costs could reach £1.9bn by 2030: PwC
11th July 2023
Sustained heat, floods and heavy rainfall could drive subsidence-related insurance costs to over £1.9bn by 2030, according to analysts at PwC. PwC's analysts suggest that subsidence-related insurance will be significantly impacted if the levels of sustained heat continue. According to the firm, this highlights the effect record temperatures can have on insurance ... Read the full article
PERILS places first industry loss estimate for Emilia-Romagna floods at €377m
5th July 2023
Catastrophe loss data aggregator PERILS AG has placed its initial industry loss estimate for the floods in the Emilia-Romagna region of Italy during the period of 2 to 22 May 2023 at €377m. According to PERILS, this estimate of the insurance loss is based on data collected from the majority of ... Read the full article
Significant flood protection gap needs “urgent attention”: FloodFlash’s Bartholomew
4th July 2023
With the world dealing with the ongoing effects of global warming and urbanization, this has led to natural catastrophes such as floods to become increasingly more common. However, despite this, studies suggest that only 20% of the world’s $70 billion annual flood losses are insured, which FloodFlash’s Chief Underwriting Officer ... Read the full article
1-in-100 year flooding in the US can now be expected every 8 years: First Street Foundation
28th June 2023
What is currently estimated to be an infrequent and severe 1-in-100 year flood event can now be expected every eight years, the First Street Foundation, a nonprofit research group, has revealed. The 8th National Risk Assessment: The Precipitation Problem, captures climate-driven changes in heavy rainfall events for the United States and ... Read the full article