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.
Zurich NA, Wright to launch residential private flood insurance
28th August 2019
The North American arm of global insurer Zurich is partnering with flood insurer Wright National on a stand-alone product, due to launch in Florida on September 3, called Zurich Residential Private Flood Insurance With plans to expand coverage to 11 additional states in the future, the product allows property owners to ... Read the full article
Reviving the private US flood market could generate $41.6bn in premiums: Verisk
23rd August 2019
Recent analysis from data analytics provider Verisk suggests that reviving the private flood insurance market in the US could generate $41.6 billion in written premiums for insurers from owner-occupied homes. The figure came as part of a study that concluded 62 million residential locations in the US could be at moderate ... Read the full article
InsurTech Previsico targets insurance sector with flood resilience solution
14th August 2019
InsurTech firm Previsico, a SpinOut company from Loughborough University that specialises in modelling flooding in real-time, has announced its entry into the insurance sector following a successful seed funding round. The InsurTech specialises in modelling surface water flooding in real-time, and leverages the latest weather predictions to produce property-level flood nowcasts ... Read the full article
PERILS raises Townsville flood loss estimate to AUD 1.2bn
12th August 2019
Catastrophe loss data aggregator PERILS has raised its property loss estimate for the floods that hit the Australian city of Townsville earlier this year to AUD 1.217 billion (USD 822 million). PERILS’ third estimate, which does not include losses from motor and other lines of business, represents a AUD 176 ... Read the full article
ICA increases Townsville flood loss estimate to AU $1.24 billion
2nd August 2019
The Insurance Council of Australia (ICA) has increased its estimates for insured losses resulting from the Townsville floods in February, putting the latest figure at AU $1.243 billion (US $844.2 million). This represents a 19.5% increase from the AU $1.04 billion estimate released by the ICA in March, a number ... Read the full article
Flood Re commends UK Gov on new resilience funding projects
24th July 2019
Flood Re, the UK’s government-backed reinsurance scheme, has welcomed an announcement that £2.9 million in funding has been awarded to three flood resilience projects across the UK. The projects in Yorkshire, Devon and Cornwall, and Central England will receive up to £700,000 to boost research into property-level flood resilience measures, and ... Read the full article
Flood risk continues in Louisiana as Storm Barry crawls inland
15th July 2019
The impact of Storm Barry in Louisiana appears to have been better than initially feared, but authorities have warned that the risk of flooding remains high as Barry continues its slow crawl across the state. Barry made landfall 160 miles west of New Orleans on Saturday as a Category 1 hurricane, ... Read the full article
Flood Re lays out new flood resilience proposals for UK homes
8th July 2019
Government-backed reinsurance scheme Flood Re has announced a series of proposals designed to increase the flood resilience of UK homes. Flood Re hopes to work with insurers on “building back better homes” after a flood event and would permit the payment of claims to include an additional amount for certain repairs ... Read the full article
JBA & insurtech Floodflash create parametric flood policy
27th June 2019
Global flood risk modeller JBA Risk Management has partnered with insurtech firm Floodflash to create a UK parametric flood insurance policy. The new product, which JBA and Floodflash claim is an industry first, will provide bespoke insurance for policyholders in frequently flooded areas who have traditionally struggled to obtain cover. It will ... Read the full article
AIR Worldwide updates flood models for Central Europe & UK
25th June 2019
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has released an update to its inland flood model for Central Europe and coastal flood model for Great Britain. The domain of the inland flood model for Central Europe has been expanded to include the country of Poland. This model features rainfall-runoff ... Read the full article
Genstar partners with Atlas on DIC program for earthquake & flood
20th June 2019
Genstar, a subsidiary of General Reinsurance Corporation and member of the Berkshire Hathaway family, has partnered with Atlas General Insurance Services on the launch of a new Difference in Conditions (DIC) program. The program will be administered by Atlas, and include coverage for earthquake, earthquake sprinkler leakage, and flood. “GenStar is excited ... Read the full article
Economic losses from June flooding in south-eastern China hits almost $2bn: Aon
17th June 2019
Severe flooding from heavy rainfall that hit a number of provinces in south-eastern China during the first two weeks of June is expected to result in economic losses of almost $2 billion (CNY13.35 billion), with the majority of this unlikely to be covered by insurance protection. The latest weekly catastrophe report ... Read the full article
Fathom launches updated US flood model via ModEx platform
5th June 2019
Flood risk modeller Fathom has announced the launch of its updated US flood model, Fathom-US, via multi-vendor catastrophe risk modelling platform ModEx. Fathom-US incorporates the latest datasets available in order to model flood risk across river channels of all sizes, and for both fluvial and pluvial perils. The model has also been ... Read the full article
NFIP extended by two-weeks
31st May 2019
The House of Representatives recently passed a two-week extension of the National Flood Insurance Program (NFIP), which was set to expire on May 31st, 2019. The two-week extension enables the NFIP to continue issuing flood insurance policies at the start of the Atlantic hurricane season, which officially starts on Saturday June ... Read the full article
Swiss Re Corporate Solutions, Airbus Ariel partner on flood modelling tool
28th May 2019
Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group, has announced that its flood assessment tool FLOAT is to be powered by drone imagery and data from Airbus Aerial, a subsidiary of the global aerospace firm. FLOAT was designed to help companies assess the flood risks of ... Read the full article
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