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.

Claims from Eastern Australia floods reach $5.28bn

30th August 2022

The Insurance Council of Australia (ICA) has estimated that $5.28 billion is the cost of this year’s floods across South-East Queensland and northern New South Wales. Severe flooding impacted these states around six months ago; induced by an extended period of heavy rainfall in February and March. A monsoon trough along the ... Read the full article

Climate change negatively impacting home insurance affordability in Australia: Finity

30th August 2022

The severe impact of climate change is widening the gap in home insurance affordability for Australian households, says a recent green paper report from Finity. The Australian insurance industry has seen increasing losses from extreme weather-related events over the last ten years, despite allowing for inflation and exposure growth. 2022 has ... Read the full article

Fathom and Reask announce “strategic” partnership

23rd August 2022

Flood risk modeller Fathom has partnered with Reask, a climate risk analytics firm specialised in atmospheric hazard models, to create combined wind and flood risk models. This “strategic” partnership aims to provide insurers, banks and ESG-focused investors with an unparalleled view of risk data on the combined impact of flood and ... Read the full article

Korean flooding losses to hamper non-life insurers’ earnings: Fitch

16th August 2022

A Fitch Ratings report has estimated insurance losses from the severe floods in South Korea will place pressure on the financial performance of the country’s non-life insurers. Industry estimates indicate that insurance claims from the flooding are likely to exceed KRW 150bn, or less than 0.2% of Korea’s entire non-life direct ... Read the full article

Inland floods pose limited credit impact to U.S. P/C (re)insurers: Fitch Ratings

12th August 2022

A Fitch Ratings report has said that the recent numerous inland flood events are expected to have a negligible credit impact on the U.S. P/C industry and are unlikely to affect individual insurers' or reinsurers' capital or earnings. Despite the tragic loss of life and significant economic losses in affected areas, ... Read the full article

Seoul flooding losses “manageable” for Korean re/insurers

12th August 2022

Losses from record rain-induced floods in Korea should be manageable for Korean property and casualty insurers, with reinsurers like Korean Reinsurance Co. also being able to absorb the rainfall losses. Homes, roads and subway stations in the South Korean capital have been flooded as a result of record downpours, which have ... Read the full article

Insured losses from catastrophes above 10-year average at $38bn in H1: Swiss Re

2nd August 2022

Globally, insurance and reinsurance industry losses from natural catastrophes hit $35 billion in the first half of 2022, which is 22% higher than the average for the past decade, according to Swiss Re Institute. Floods and other secondary perils continued to wreak havoc in the opening six months of 2022, and ... Read the full article

Cost of severe UK flood events could surge by 2050 – JBA

29th July 2022

The cost of a once-in-200-year flood event could escalate by 42% to £5bn by the middle of the century under an intermediate emissions scenario, according to a new report from JBA Risk Management. The report also finds that, in a scenario in which no actions were taken to ... Read the full article

Flood risk routinely underestimated, warns MMC

22nd July 2022

Re/insurance broker Marsh McLennan has released its updated Flood Risk Index 2.0, which maps how a changing climate will shape flood risk in the future. The report warns that flooding is the most pervasive natural disaster, and yet its costs are routinely underestimated. And now, climate change, economic and demographic trends, and ... Read the full article

JENOA adopts RMS maps for flood risk in Middle East

20th July 2022

Boutique digital broker JENOA Insurance & Risk Management (JENOA) has adopted Global Flood Maps from RMS - a Moody’s Analytics company and risk modeling and solutions company, to provide an analytical view of flood risk in the Middle East and beyond. The recently launched RMS Global Flood Maps provide views of ... Read the full article

Neptune Flood announces partnership with SIAA

20th July 2022

AI-driven flood insurtech Neptune Flood has announced a new partnership with SIAA (Strategic Insurance Agency Alliance), an US alliance of independent insurance agencies. With this partnership, SIAA members will have access to Neptune solutions for flood risk through SIAA MarketFinder, SIAA’s online member-only portal for difficult-to-place and specialty risk markets. According to ... Read the full article

Generali GC&C partners with Previsico on flood resilience

19th July 2022

Generali Global Corporate & Commercial (GC&C) has partnered with Previsico, a live flood alert insurtech company to “significantly” enhance UK clients’ flood emergency response readiness. Generali GC&C aims to broaden its own insurance coverage capabilities using Previsico’s technical expertise and warning solutions which provide live, actionable surface water flood warnings not ... Read the full article

ICA says insurers have received nearly 8,500 claims related to Australian flooding

8th July 2022

The Insurance Council of Australia (ICA) says insurers have received 8,415 claims with an estimated insurance loss of $97.9 million arising from the floods that have hit New South Wales in recent days. According to the ICA, 84% of claims are for property, with 14% for motor, and the rest commercial. ... Read the full article

ICA says NSW flood claims now over 4,300

6th July 2022

The Insurance Council of Australia (ICA) has tweeted that the number of claims relating to the storms and resultant flooding in New South Wales has reached 4,360. According to the ICA, 84% of the claims received have been for property and 14.5% have been for motor. However, it says that it ... Read the full article

ICA declares Australian floods to be ‘significant event’

5th July 2022

The Insurance Council of Australia (ICA) has declared a ‘significant event’ for regions of New South Wales impacted by significant storm and flooding over the past few days. This means that the ICA's preliminary catastrophe processes have been activated, assisting the ICA and insurers to assess the insurance impact of the ... Read the full article