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.
19th November 2019
Neptune Flood, an all-digital flood platform that leverages data analytics to provide agents and direct buyers the ability to rapidly quote and bind a policy, has filed a patent application for its Triton technology. Triton powers Neptune’s residential flood insurance product’s ability to executive a series of risk, pricing, disaggregation and ... Read the full article
14th November 2019
Previsico, a SpinOut insurtech company from Loughborough University that specialises in flood modelling, has announced its nationwide launch in the UK. The firm aims to support re/insurers, brokers, and their customers with live actionable flood warnings, including uniquely for surface water flooding. Previsico believes that the growing threat of surface water flooding ... Read the full article
13th November 2019
Extreme weather in northern England which over recent weeks has caused widespread damage and flooding could see claims payouts of between £80 million and £120 million, according to PwC. Over 500 properties have been flooded and 1,200 households evacuated as certain parts of the region was hit with a month’s worth ... Read the full article
12th November 2019
US-based flood and natural hazard risk assessment firm, Coastal Risk Consulting has entered into a new partnership with UK domiciled flood modeller, Fathom. Under the new partnership, Fathom's up-to-date and comprehensive US flood maps and datasets, for both rainfall and river flooding, are incorporated in Coastal Risk Consulting's risk reports for ... Read the full article
26th September 2019
While current property flood risk disclosure requirements are set at the state level and can vary quite significantly, Morgan Stanley analysts note how some states have begun implementing more stringent conditions following recent major events. Texas, for example, revised its flood risk disclosure requirements following Hurricane Harvey, with property owners now ... Read the full article
24th September 2019
Insurer and reinsurer Chubb has appointed Louis Hobson as Senior Vice President (SVP) of Flood Insurance for North America, based in Chicago and reporting to Derek Talbott, Division President of Chubb's North America Property & Specialty Lines. In this role, Hobson will work alongside the firm's personal and commercial lines of ... Read the full article
24th September 2019
Munich Re has partnered with not-for-profit advisory organisation the American Association of Insurance Services (AAIS) to focus on improving flood insurance protection for US homeowners. The flood insurance protection gap in the US continues to expand alongside the heightened risk of flood, the partnership noted, particularly for homeowners outside major flood ... Read the full article
20th September 2019
The major flooding that occurred in southeast and central Spain last week is likely to drive an insurance and reinsurance industry loss in excess of €287 million (US $318 million), according to analysts at Aon. The broker also estimated that insured losses would represent only a fraction of the total economic ... Read the full article
19th September 2019
The Consorcio de Compensación de Seguros (the Insurance Compensation Consortium, or CCS) is expecting to face a loss of approximately €203 million as a result of the recent flooding in Spain. Record-breaking rainfall in the south-east of the country last week caused catastrophic flash-flooding, bursting river banks, sweeping away cars, and ... Read the full article
18th September 2019
Torrent Technologies, a Marsh company, has announced the launch of FloodPlus Commercial, a new private market primary flood insurance offering for agents of its Write Your Own (WYO) carrier clients. FloodPlus commercial provides up to $2.5 million in flood coverage for small commercial property owners’ building, building personal property (BPP), and ... Read the full article
16th September 2019
Flood risk modeller JBA Risk Management has announced the launch of a new probabilistic global flood model that will allow re/insurers to model river and surface water flood at 30 metres worldwide. The model, which JBA claims to be the first of its kind, will enable consistent comparisons of loss across ... Read the full article
12th September 2019
Global re/insurer AXA XL has partnered with Neptune Flood, an all-digital flood platform that leverages data analytics to provide agents and direct buyers the ability to rapidly quote and bind a policy. It’s hoped the underwriting partnership will expand Neptune’s flood insurance capacity to homeowners throughout the US. Chris Bressette, Senior Vice ... Read the full article
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
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
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
