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.
ICA declares North Queensland floods a ‘significant event’
3rd February 2025
The Insurance Council of Australia (ICA) has declared the floods impacting regions of North Queensland since January 29, a ‘significant event’. The flooding has forced thousands to evacuate, cut power to homes, and washed away sections of a major highway. The hardest-hit areas include Townsville, Innisfail, Ingham, Gordonvale, and Cardwell. Authorities warn ... Read the full article
Rising demand for flood insurance as 90% seek full coverage after 2024 hurricanes: Neptune Flood survey
31st January 2025
Neptune Flood, a provider of private flood insurance in the United States, has released findings from its fifth annual Neptune Consumer Survey of Flood Awareness, which highlights growing demand for tailored flood insurance solutions. Conducted in collaboration with the University of South Florida St. Petersburg Customer Experience Lab, the survey provides insights ... Read the full article
KatRisk expands probabilistic flood model to Mexico, Central America & the Caribbean
22nd January 2025
In a move to help communities prepare for climate-related disasters, catastrophe modelling software company KatRisk is bringing its advanced flood modelling software to Mexico, Central America, and the Caribbean. The company's probabilistic models will provide crucial insights into the growing risks of both inland flooding and tropical cyclones. KatRisk, acquired by Read the full article
Flood Re launches Flo to promote property flood resilience across Scotland
21st January 2025
Flood Re is launching a new Flood Bus, named Flo, as part of a nationwide initiative in Scotland to promote property-level flood resilience and help communities prepare for future flooding events. The vehicle will be launched at the annual Scottish Flood Resilience conference on January 28-29, hosted by Sniffer, the Scotland ... Read the full article
Previsico & Descartes partner to provide UK corporate parametric flood insurance
17th January 2025
Flood forecasting specialist Previsico has partnered with Descartes to offer businesses in the UK and Ireland accurate flood warnings and quick claims payments through new parametric coverage. According to Steven Hayward, IoT Systems Manager at Previsico, a third of commercial properties in the UK are at risk from flooding. "Our partnership with ... Read the full article
Flood events drive 78% of international industry losses in 2024: CRESTA
2nd January 2025
According to the Q4 CRESTA Industry Loss Index (CLIX) update, which provides data on non-US catastrophe events that have generated industry losses above $1 billion, 2024 was dominated by flood events, driving 78% of the total industry loss figure. In terms of the overall figure, the international loss tally for billion-dollar ... Read the full article
Private insurers uniquely positioned to close US flood coverage gap: Neptune Flood
24th December 2024
In a new report analysing the U.S. residential flood insurance market, Neptune Flood has underlined the critical role private insurers can play in addressing the nation’s growing flood coverage gap. According to the firm's research, more than 20 million homes in the U.S. face moderate to severe flood risk, yet only ... Read the full article
PERILS raises industry loss estimate to €2.08bn for September Central Europe floods
19th December 2024
Zurich-based catastrophe insurance data provider PERILS has updated its industry loss estimate for the floods in Central Europe and Italy from September 14–20, 2024, raising the total to €2.08 billion from the initial estimate of €1.886 billion released last month. Most of the losses were concentrated in Austria, the Czech ... Read the full article
Orion180 announces launch of personalised Residential Flood Insurance product
13th December 2024
Orion180, a provider of insurance solutions, has recently announced the launch of its new Residential Private Flood Insurance product. Orion180’s Private Flood Insurance product provides customisable and extensive coverage options for homeowners across all flood zones. Designed with the flexibility to meet the specific needs of both agents and policyholders, it pairs ... Read the full article
Insured losses from nat cats to exceed $135bn in 2024: Swiss Re
5th December 2024
With the US enduring two major hurricanes and numerous severe thunderstorms in 2024, it has contributed to at least two-thirds of the estimated global insured losses for the year, which exceed $135 billion, according to a new report from Swiss Re. Hurricane Helene, which made landfall on the 27th of September, ... Read the full article
Pen Underwriting signs up to Flood Re’s Build Back Better Scheme
5th December 2024
Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has announced that its specialist home insurance practice has signed up to Flood Re’s Build Back Better scheme to reduce the impact of future flooding on its customers by helping to bolster their properties’ resilience. For those unaware, Flood Re launched its ... Read the full article
Storm Bert triggers rapid parametric payout from FloodFlash
2nd December 2024
With Storm Bert affecting counties across England and Wales, parametric flood insurance provider FloodFlash has revealed that it made a payout to a client in just over 10 hours after a trigger was activated. According to Ian Bartholomew, Chief Underwriting Officer at FloodFlash, the firm's sensors first measured flooding on Sunday ... Read the full article
Flooding risk presents major credit challenges for Eastern and Southern US: Moody’s
27th November 2024
Destructive flooding recently caused by hurricane Helene highlights an increasing flood risk for local economies and tax bases, notably across the Eastern and Southern United States, says Moody's Ratings. However, according to analysts, as coastal and inland flooding events are beginning to become more frequent and severe, this growing hazard poses ... Read the full article
Spain floods highlight role of state-backed reinsurance for climate risks
25th November 2024
A recent report from Fitch Ratings has highlighted the vital role of the state-managed catastrophe insurer, Consorcio de Compensación de Seguros (CCS), in strengthening the Spanish insurance market's resilience to climate risks, as demonstrated by the recent floods that struck the country. For those unaware, the flash floods claimed over 220 ... Read the full article
Insurers call on Canada’s federal government to move forward with national flood insurance program: IBC
19th November 2024
October storms in Southern British Columbia, Canada, resulted in over $110 million in insured damages, as per initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). In response to these escalating costs, insurers urge the federal government to move forward with the implementation of a National Flood Insurance Program to better ... Read the full article
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