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.
Fathom launches new global flood map
27th October 2022
Flood risk modeller Fathom has announced the launch of Fathom-Global 3.0, a new map providing insurers with full global coverage of all flood perils. The company states that Fathom-Global 3.0 enables users to quantify and mitigate flood risk, and understand changes in risk under future climate scenarios. It adds that unlike ... Read the full article
EuroTempest extends flood alert service to Germany
25th October 2022
EuroTempest, a leading provider of European storm and weather risk management services to the re/insurance market, has announced the extension of its flood alerting and dashboard service to Germany, enabling insurers and operational teams across the country to better prepare for and respond to major flood events. The extension of the ... Read the full article
Potential insured flood losses pushed above NFIP’s median: Morgan Stanley
20th October 2022
The scope and intensity of Hurricane Ian have pushed potential insured flood losses above the median with reinsurers and auto carriers on the hook, according to analysts at Morgan Stanley. Cat model estimates for Hurricane Ian's flood-based insured losses are at an average of $11 billion, which is ~3x the median ... Read the full article
ICA declares insurance catastrophe in three Australian flooded states
19th October 2022
The Insurance Council of Australia (ICA) has declared an Insurance Catastrophe for Victoria, Tasmania and New South Wales. The three states are suffering the impacts of severe weather and flooding that started last week. The ICA’s Catastrophe declaration escalates and prioritises the insurance industry’s response to the disaster. The escalation includes obliging ... Read the full article
Australia hit with more destructive floods
14th October 2022
At least 500 homes have been flooded in southeast Australia after the region was inundated with heavy rain yesterday, resulting in evacuations across three states. Rivers across New South Wales and Victoria, as well as the island state of Tasmania, are rising dangerously after some areas received four times their average ... Read the full article
Property flood resilience measures could reduce re/insurer losses: JBA
12th October 2022
A new study by flood risk modeller JBA Risk Management has revealed that adopting Property Flood Resilience (PFR) measures could have a major impact on projected flood losses in the UK, with a possible loss reduction of up to £453m a year. The review was carried out following the launch of ... Read the full article
Ian to make FEMA’s 2023 NFIP reinsurance renewal more challenging & costly
12th October 2022
Prior to hurricane Ian's landfall in Florida, the U.S. Federal Emergency Management Agency (FEMA) had already started the process of renewing the National Flood Insurance Program's (NFIP) traditional reinsurance protection for the January 2023 renewals, a process which now looks set to be even more challenging. The severe and widespread flooding ... Read the full article
Hurricane Ian re/insured wind and flood losses could reach $53bn, says CoreLogic
7th October 2022
CoreLogic, a global provider of property information, analytics, and data-enabled solutions, has raised its re/insurance industry loss estimate for the wind and flood impacts of hurricane Ian to between $31 billion and $53 billion. The latest figures from CoreLogic peg the insured wind loss in Florida at between $22 billion and ... Read the full article
FEMA receives more than 25,000 NFIP claims following hurricane Ian
6th October 2022
A week after hurricane Ian caused significant flooding in the State of Florida, FEMA's National Flood Insurance Program (NFIP) has received over 25,000 claims. The average claims cost of previous significant flood events suggests that the claims received by the NFIP as of October 4th, 2022, amounts to well over ... Read the full article
$2.81bn of Australian East Coast flood claims now closed
30th September 2022
The Insurance Council of Australia (ICA) has released new data showing more than half of insurance claims related to the February and March floods have been closed, with the latest figures revealing a 10% increase from last month amounting to $2.81bn or 54%. Read the full article
Hurricane Ian batters Florida as a major Cat 4 storm
29th September 2022
Hurricane Ian made landfall on Wednesday as a major Category 4 storm with maximum sustained winds of around 155 mph near the Cayo Costa area, bringing widespread flooding, property damage, and power outages. The NHC warned of severe and life-threatening storm surge inundation of as much as 8 to 10 feet ... Read the full article
Insurers need partners to reduce flood risk worldwide: Triple-I
28th September 2022
Analysts from the Insurance Information Institute(Triple-I) have stated that insurers need partners to reduce the threat flooding poses to life and property worldwide, and are taking several steps to achieve this. Advances in data and communication, as well as in collaboration and innovation are needed to achieve such a mindset focused ... Read the full article
ICEYE enters into pilot flood scheme with If P&C Insurance
14th September 2022
ICEYE, a world-leading provider of natural catastrophe data, has launched a pilot scheme with If property & casualty (P&C) Insurance to use its Flood Insights product. The data and insights that ICEYE provides enables users to gain rapid situational awareness of any flood event globally. High resolution flood imagery is captured via ... Read the full article
Australia flood loss up 29% to $6.3bn in fresh PERILS update
13th September 2022
Catastrophe loss aggregator PERILS has provided a new insurance industry loss estimate of AUD 6.292 billion (USD 4.329 billion) for the devastating Eastern Australia floods that occurred over February and March this year. This update represents a significant 29% increase over the previous loss estimate of AUD 4.895 billion (USD 3.367 ... Read the full article
European flood added to PERILS database
12th September 2022
Zurich-based catastrophe loss aggregator PERILS has expanded its market coverage to include exposure and event loss data for European floods. The new service, which comes in the wake of devastating floods across Europe in 2021, will enhance the firm’s existing windstorm coverage across the continent. The expanded coverage means that data for ... Read the full article