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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.

Insurance consortium CCS expects €203mn loss from Spanish floods

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

Marsh’s Torrent Technologies develops new flood offering

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

JBA Risk Management develops probabilistic global flood model

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

AXA XL, insurtech Neptune Flood strike underwriting partnership

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

Zurich NA, Wright to launch residential private flood insurance

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

Reviving the private US flood market could generate $41.6bn in premiums: Verisk

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

InsurTech Previsico targets insurance sector with flood resilience solution

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

PERILS raises Townsville flood loss estimate to AUD 1.2bn

12th August 2019

Catastrophe loss data aggregator PERILS has raised its property loss estimate for the floods that hit the Australian city of Townsville earlier this year to AUD 1.217 billion (USD 822 million). PERILS’ third estimate, which does not include losses from motor and other lines of business, represents a AUD 176 ... Read the full article

ICA increases Townsville flood loss estimate to AU $1.24 billion

2nd August 2019

The Insurance Council of Australia (ICA) has increased its estimates for insured losses resulting from the Townsville floods in February, putting the latest figure at AU $1.243 billion (US $844.2 million). This represents a 19.5% increase from the AU $1.04 billion estimate released by the ICA in March, a number ... Read the full article

Flood Re commends UK Gov on new resilience funding projects

24th July 2019

Flood Re, the UK’s government-backed reinsurance scheme, has welcomed an announcement that £2.9 million in funding has been awarded to three flood resilience projects across the UK. The projects in Yorkshire, Devon and Cornwall, and Central England will receive up to £700,000 to boost research into property-level flood resilience measures, and ... Read the full article

Flood risk continues in Louisiana as Storm Barry crawls inland

15th July 2019

The impact of Storm Barry in Louisiana appears to have been better than initially feared, but authorities have warned that the risk of flooding remains high as Barry continues its slow crawl across the state. Barry made landfall 160 miles west of New Orleans on Saturday as a Category 1 hurricane, ... Read the full article

Flood Re lays out new flood resilience proposals for UK homes

8th July 2019

Government-backed reinsurance scheme Flood Re has announced a series of proposals designed to increase the flood resilience of UK homes. Flood Re hopes to work with insurers on “building back better homes” after a flood event and would permit the payment of claims to include an additional amount for certain repairs ... Read the full article

JBA & insurtech Floodflash create parametric flood policy

27th June 2019

Global flood risk modeller JBA Risk Management has partnered with insurtech firm Floodflash to create a UK parametric flood insurance policy. The new product, which JBA and Floodflash claim is an industry first, will provide bespoke insurance for policyholders in frequently flooded areas who have traditionally struggled to obtain cover. It will ... Read the full article

AIR Worldwide updates flood models for Central Europe & UK

25th June 2019

AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has released an update to its inland flood model for Central Europe and coastal flood model for Great Britain. The domain of the inland flood model for Central Europe has been expanded to include the country of Poland. This model features rainfall-runoff ... Read the full article

Genstar partners with Atlas on DIC program for earthquake & flood

20th June 2019

Genstar, a subsidiary of General Reinsurance Corporation and member of the Berkshire Hathaway family, has partnered with Atlas General Insurance Services on the launch of a new Difference in Conditions (DIC) program. The program will be administered by Atlas, and include coverage for earthquake, earthquake sprinkler leakage, and flood. “GenStar is excited ... Read the full article

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