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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

Flooding and landslides begin as Category 3 Hurricane Lane nears Hawaii

24th August 2018

Parts of Hawaii have experienced flash-flooding and landslides as downgraded Category 3 Hurricane Lane approaches the U.S state, bringing winds of 125mph (200km/h) and heavy rainfall, and causing reinsurance market exposure through aggregate contracts. Lane continues to weaken as it draws closer to the Hawaiian islands, although its outer bands have ... Read the full article

Half of Australia’s Hobart storm claims paid as insured losses reach $100mn

21st August 2018

The Insurance Council of Australia (ICA) has announced that over half of the insurance claims relating to the flooding and storm that hit the Australian city of Hobart, Tasmania over May 10-11 have now been closed as the insurance bill nears AUD $100 million (USD $73 million). The $99.72 million figure ... Read the full article

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