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.
Aon estimates €1.65bn market loss from September Central Europe flooding
27th September 2024
Broking group Aon has revealed a market loss estimate for the Central Europe Flooding in September 2024, caused by Storm Boris, of €1.65 billion. According to the firm's Event Response report, the deadly flooding resulted from an extreme amount of rain that fell over a large area of the region from ... Read the full article
Guy Carpenter pegs insured loss from Central Europe floods at up to €2.1bn
25th September 2024
Modern infrastructure, dams, and flood barriers significantly mitigated the impact of the 2024 flooding across Central and Eastern Europe, according to reinsurance broker Guy Carpenter, who has estimated an insured loss between €1.6 billion and €2.1 billion from the event. A slow-moving storm caused days of intense rainfall and flooding across ... Read the full article
Central Europe floods could cost up to $3.3bn in insured losses: Gallagher Re
18th September 2024
Global reinsurance broker Gallagher Re estimates that the insured losses from the severe floods in central Europe, which occurred mainly from September 12-15, are likely to range between EUR 2.0 to 3.0 billion (USD 2.2 to 3.3 billion). A slow-moving low-pressure system caused continuous rainfall across central Europe, leading to severe ... Read the full article
Flood Re & BIBA collaborate to promote Build Back Better scheme and property flood resilience
16th September 2024
Flood Re, a UK government-backed initiative that makes flood insurance more affordable, has partnered with the British Insurance Brokers’ Association (BIBA), the trade body for UK insurance brokers. Together, they aim to increase awareness within the broking community about the Build Back Better (BBB) scheme, highlight the importance of Property Flood ... Read the full article
Floodbase’s flood mapping accuracy outperforms leading methods by 11%
5th September 2024
Insurtech Floodbase’s AI-based flood monitoring technology has proven to be 11% more accurate than current leading methods, enabling more precise monitoring and reduced prices for parametric flood insurance, according to a recent study in Geophysical Research Letters. Developed by Floodbase scientists and engineers, the technology uses deep learning to integrate satellite ... Read the full article
ICEYE and Aon expand flood and wildfire data partnership to enhance event response
5th September 2024
ICEYE, a provider of satellite-based disaster management solutions, has announced that Aon, a global professional services firm, has expanded its data licensing agreement to include ICEYE’s Flood Insights data worldwide and Wildfire Insights data for the US. Through this agreement, Aon will incorporate ICEYE’s near real-time flood and wildfire data into ... Read the full article
Flood Re warns complex planning system threatens flood insurance for new builds
4th September 2024
While progress has been made in adopting flood mitigation measures for new builds in the UK, Flood Re warns that a lack of transparency, consistency, and clarity is undermining the insurance sector’s confidence in the planning system and threatening its ability to insure new properties against flood risk. Research by the ... Read the full article
Neptune Flood hits 200,000 policies and $250 million in premiums
4th September 2024
Neptune Flood, a private flood insurance provider in the US, has hit a major milestone with 200,000 policies and $250 million in premiums. This marks a new stage in the company's efforts to deliver cutting-edge, affordable insurance options across the country. Neptune Flood has revolutionised the traditional flood insurance model by using ... Read the full article
Global flooding to surge by 9-49% this century depending on emission cuts: Fathom
21st August 2024
Water risk intelligence firm Fathom has released a new report on the projections of global flooding under climate change, noting that the risk will increase between 9% and 49% this century depending on efforts to cut greenhouse gas emissions. Fathom's report compares present-day inland and coastal flood risk with a forecast ... Read the full article
Cytora & GeoSmart Information collaboration to help insurers stem flood risk
20th August 2024
Cytora, the digital risk processing platform has partnered with GeoSmart Information, the environmental data specialist, in a move that it set to help insurers stem flood risk. From what we understand, the integration of GeoSmart Information’s data into Cytora’s digital risk processing platform will allow insurers to gain access to almost complete ... Read the full article
Amwins launches flood insurance to protect US golf courses from revenue loss
14th August 2024
Amwins, a distributor of specialty insurance products and services, has launched the "Tees-to-Green" flood insurance programme in partnership with Floodbase and supported by highly-rated carriers. This programme is designed to cover US golf courses for revenue loss and repair costs due to flooding, addressing a critical gap in current flood insurance ... Read the full article
Thousands more move into fire and flood-prone areas in the US: Redfin
7th August 2024
Areas in the US endangered by wildfires, flooding, and extreme heat saw thousands more people moving in than out in 2023, according to a recent Redfin report. High-fire-risk counties in the US experienced 63,365 more people move in than out, with a significant portion moving to fire-prone Texas. However, this trend was ... Read the full article
Fathom’s flood maps now available in Swiss Re Reinsurance Solutions’ CatNet
23rd July 2024
Swiss Re Reinsurance Solutions has revealed that Fathom's advanced Global, UK, and Japan flood maps are now available within the CatNet risk assessment platform. If you recall, the global reinsurance giant acquired Fathom, the Bristol, UK-based provider of water risk intelligence and flood models back in December of 2023. At the ... Read the full article
PERILS places insured losses from southern Germany floods at €1.6bn
18th July 2024
Zurich-based catastrophe insurance data provider PERILS has disclosed an initial industry loss estimate of €1.568 billion (USD 1.74 billion) for the floods in southern Germany from 31st May to 6th June 2024. The estimate provided by PERILS is based on loss data collected from affected insurers, and in line with its ... Read the full article
Guy Carpenter launches new parametric flood re/insurance mechanism, GC FloodShield
15th July 2024
Guy Carpenter is launching a new parametric flood re/insurance mechanism that provides customised flood coverage based on hazard footprints obtained in near real-time. According to Guy Carpenter, GC FloodShield boasts a broad application available to insurers, reinsurers, corporations and public entities globally. As mentioned, GC FloodShield is also customisable, reportedly offering a ... Read the full article
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