flood

Australia’s Queensland floods to cost re/insurers $893mn: Aon

7th March 2019

The re/insurance industry is expected to incur losses of AUD $893 million (USD $635 million) as a result of the widespread flooding that affected Australia’s North Queensland from January 26 to February 7, according to Aon’s Impact Forecasting team. The estimate came as part of Aon’s monthly Global Catastrophe Recap report, ... Read the full article

Emergency declared as winter storm floods 2,000 California homes

1st March 2019

A state of emergency has been declared after days of unrelenting rainfall from a severe winter storm flooded more than 2,000 homes and businesses across two towns in California’s Sonoma County. The towns of Monte Rio and Guerneville, about 70 miles north of San Francisco, were surrounded by floodwaters after the ... Read the full article

Study shows how augmented data sets significantly impact flood loss estimates

26th February 2019

Insurdata, in collaboration with speciality insurer and reinsurer Canopius, flood risk modeller Fathom and ModEx, a catastrophe risk modelling platform from Simplitium, has released the findings of a new flood data survey that focuses on altered risk profiles in light of augmented property exposure data. The report highlights a number of ... Read the full article

JBA to deliver Sri Lanka Flood Model on Simplitium’s ModEx platform

20th February 2019

Simplitium, a provider of risk analysis services, has announced that the Sri Lanka Flood Model from global flood risk modeller JBA Risk Management is to be delivered on its multi-vendor ModEx platform. It’s hoped the move will broaden accessibility of the Sri Lanka model for both insurers and the wider Disaster ... Read the full article

ICA estimates current industry Townsville losses at $606mn

15th February 2019

The Insurance Council of Australia (ICA) has recorded 15,571 insurance claims from the flooding in Townsville, Queensland so far, with current industry losses estimated to be around AUD $606 million (US $429 million). Rob Whelan, Chief Executive Officer (CEO) of the ICA, today briefed the Queensland Deputy Premier on the re/insurance ... Read the full article

Townsville flooding triggers Suncorp’s aggregate reinsurance program

14th February 2019

Australian primary insurer Suncorp Group has revealed that catastrophe losses resulting from the recent flooding in the city of Townsville, Queensland have triggered its Natural Hazards Aggregate Protection (NHAP) reinsurance program. The company explained that, while it is still too early to estimate the gross costs of the flooding, its losses ... Read the full article

Some reinsurance claims expected from Australia’s Townsville flooding

12th February 2019

Damages from the torrential rainfall and flooding in the Australian city of Townsville, Queensland are expected to trigger reinsurance protection for some exposed insurers, according to reports from the Courier Mail. The latest data from the Insurance Council of Australia shows that 14,600 insurance claims have been lodged as of Tuesday ... Read the full article

Townsville flooding claims rise again, cost now estimated at AUD 165mn: ICA

11th February 2019

Insurance companies have now received 13,560 claims, amounting to losses of an estimated AUD 165 million (USD 117mn), in relation to the torrential rainfall and flooding in the City of Townsville, Queensland, according to data from the Insurance Council of Australia (ICA). The latest figures are as of 10am local time, and the ... Read the full article

Cost of rising Townsville insurance claims now estimated at AUD 147mn

8th February 2019

Widespread torrential rainfall and flooding in the City of Townsville, Queensland, Australia, has so far resulted in 11,800 insurance claims, amounting to roughly AUD 147 million in losses, according to local media reports citing the Insurance Council of Australia (ICA). The ICA declared the event a catastrophe earlier this week, after the coastal ... Read the full article

Flood claims to spike as Townsville residents return home: ICA

5th February 2019

The Insurance Council of Australia (ICA) is anticipating a significant increase in insurance claims as policyholders start returning to their homes after a catastrophe was declared in the city of Townsville, Queensland due to torrential rainfall and flooding. Townsville was hit with more than a metre of rain in just a ... Read the full article

Australia’s Townsville flooding declared catastrophe by insurance council

4th February 2019

The Insurance Council of Australia (ICA) has declared a catastrophe for insurance policyholders in the city of Townsville, Queensland, which has experienced torrential rainfall and flooding over the past week. Officials said that up to 20,000 homes are at risk of flooding after the coastal area received more than a metre ... Read the full article

FEMA announces renewal of NFIP reinsurance program

31st January 2019

The U.S. Federal Emergency Management Agency (FEMA) has announced the renewal of its flood reinsurance program to protect the National Flood Insurance Program (NFIP), securing $1.32 billion of protection. The $1.32 billion of traditional flood reinsurance protection was secured from a panel of 28 participating reinsurance companies, and is effective January 1st ... Read the full article

Lawmakers push for NFIP to cede more risk to reinsurers

18th January 2019

U.S lawmakers have reintroduced a bill that pushes for the National Flood Insurance Program (NFIP) to cede more of its risk to the private reinsurance market. The Taxpayer Exposure Mitigation Act is one of four bills introduced by Missouri Congressman Blaine Luetkemeyer that calls for improvements to the Federal Emergency Management Agency’s ... Read the full article

AmWINS to acquire Florida’s The Flood Insurance Agency

14th January 2019

Global specialty insurance provider, AmWINS Group, Inc., has agreed a deal in principle to acquire Florida-based managing general agency (MGA), The Flood Insurance Agency. The Flood Insurance Agency specialises in private market flood insurance, providing access to an alternative to the National Flood Insurance Program (NFIP). Operating as a Program Administrator for ... Read the full article

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