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.
Flood Re premiums cut by up to £112 for 2019
2nd January 2019
Flood Re, the UK’s government-backed reinsurance scheme, has cut the reinsurance premiums it charges to insurance companies as of 1 January 2019, which in turn should lower the cost of flood protection for those most at risk of flooding in the UK. Premiums charged by Flood Re to insurers are set ... Read the full article
Oasis LMF, Nat Re and WTW to collaborate on new Philippines flood model
28th November 2018
Oasis Loss Modelling Framework (Oasis LMF) is to develop a new open-access catastrophe model for flood in the Philippines in collaboration with the National Reinsurance Corporation of the Philippines (Nat Re) and re/insurance broker Willis Towers Watson (WTW). The two-year project, called the ‘Oasis Platform for Catastrophe and Climate Change Risk ... Read the full article
Significant losses expected as Sydney storm brings flash flooding
28th November 2018
Significant insured losses are expected to arise from a storm that hit the city of Sydney, Australia this morning, bringing gale force winds and torrential rain that caused flash flooding and severe disruption. More than 500 Australians have called for emergency assistance following the storm, which also damaged buildings and vehicles, ... Read the full article
NFIP’s 2019 flood reinsurance renewal process begins
2nd November 2018
The U.S Federal Emergency Management Agency (FEMA) has begun the 2019 reinsurance program renewal process for its National Flood Insurance Program (NFIP), with the possibility of a multi-year deal being sought. FEMA first entered the reinsurance market in 2016 with $1 million of flood protection running from 19 September 2016 to ... Read the full article
RMS launches U.S Inland Flood HD Model
1st November 2018
Catastrophe risk modelling and analytics firm RMS has announced the release of its U.S Inland Flood High Definition (HD) Model, which accounts for all types of inland floods including those induced by both tropical cyclone and non-tropical cyclone rainfall. The model is coupled with the RMS North Atlantic Storm Surge Model ... Read the full article
Insured losses expected as deadly Italian storm floods Venice
31st October 2018
Almost three quarters of the city of Venice has been submerged under floodwaters after Italy was battered by a storm with windspeeds of up to 180km/h (110 mph) earlier this week. Widespread wind and flood damage has been reported across the country, which is expected to drive losses for primary insurers ... Read the full article
Insurance claims from Kerala, India floods surpass US$273 million
26th October 2018
Insurance claims from the severe flooding in the Kerala region of India in July and August, which is expected to result in economic losses of at least $3 billion, have approached Rs 2,000 crore (approximately $273.2 million), with industry sources suggesting that the payouts are more likely to hit ... Read the full article
Munich Re America partners with BriteCore on inland personal flood coverage
25th October 2018
The U.S branch of global reinsurance firm Munich Re is to offer inland personal lines flood coverage to its insurance carriers and agency partners that use BriteCore, a web-based insurance administration platform. The endorsement from Munich Re America is available to homeowners who live outside of a Special Flood Hazard Area ... Read the full article
Verisk launches new flood underwriting tool WaterLine
23rd October 2018
Leading data analytics provider Verisk has announced the launch of WaterLine, a new underwriting tool that scores flood risk for all properties in the contiguous United States, helping insurers keep up with the growing number of homes and businesses vulnerable to flood. WaterLine was developed by Verisk businesses ISO and AIR ... Read the full article
JBA launches high-resolution Florida flood maps
23rd October 2018
JBA Risk Management, the global flood risk modeller, has announced the launch of its new high-resolution state-wide flood map for Florida, part of a wider rollout for the continental U.S. Managing Director of JBA Matt Reid stated that the flood map provides “a comprehensive understanding of all three principal types of ... Read the full article
Flood Re to lower reinsurance premium charges from Jan 2019
1st October 2018
Flood Re, the UK’s government-backed reinsurance scheme, has announced that it will lower the reinsurance premiums it charges to insurance companies from January 1st 2019, which in turn should lower the cost of flood protection for those most at risk of flooding in the UK. The premiums Flood Re charges insurers are ... Read the full article
Claims paid from recent Japanese catastrophes rise into the billions
25th September 2018
The latest data from the General Insurance Association of Japan (GIAJ) reveals that insurance claims paid for July rains and floods in the country has now approached $1.5 billion (JPY 165.7 billion), while insurance claims paid following the Osaka prefecture area earthquake now total almost $770 million (JPY 86.6bn). In recent ... Read the full article
NFIP will absorb majority of Florence losses, says Fitch
20th September 2018
Traditional reinsurers and insurance-linked securities (ILS) markets are expected to experience only modest levels of losses from Hurricane Florence, with the majority likely to be absorbed by the National Flood Insurance Program (NFIP), according to Fitch Ratings. Florence weakened to a Category 1 hurricane as it approached the U.S coast last ... Read the full article
Just 15% – 20% of Florence exposure might be passed to reinsurers: Analysts
14th September 2018
Examining the distribution of losses from 2017 hurricanes, combined with looking at the market structure and penetration, the National Flood Insurance Program (NFIP) and state windstorm pools, suggests reinsurers might only assume 15% to 20% of the hurricane Florence exposure, based on a $10 billion insured loss. As the storm continues ... Read the full article
Carriers sufficiently reinsured to withstand Hurricane Lane losses: A.M. Best
29th August 2018
Insurance carriers operating in Hawaii have sufficient capital and appropriate reinsurance programs in place to effectively absorb losses resulting from Hurricane Lane, which battered Hawaii with floods and landslides last week, according to A.M. Best. While Hurricane Lane never quite made direct landfall on Hawaii, it brought over 50 inches ... Read the full article
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