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.
HD flood modelling vital for mitigating risk: Moody’s RMS
28th June 2024
After the severe flooding in central Europe between late May and early June, it is crucial for insurers and reinsurers to understand and manage this complex risk, which can be achieved using the latest generation of high-definition (HD) catastrophe risk models, according to Moody’s RMS. Moody’s RMS Event Response estimates that ... Read the full article
Verisk pegs insured losses from southern Germany flooding at up to $3.9bn
19th June 2024
Verisk's Extreme Event Solutions business, a global provider of data analytics and technology, has estimated that insurance industry losses from recent flooding in southern Germany will fall between USD 2.6 billion and USD 3.9 billion (EUR 2.4 billion to EUR 3.6 billion). Between May 31st and June 3rd, up to 160 ... Read the full article
ICA welcomes NSW budget’s major investments in resilience and flood protection
18th June 2024
The Insurance Council of Australia (ICA), the representative body for the Australian insurance industry, praised the New South Wales (NSW) Government's 2024-25 budget for its significant resilience funding, aimed at improving community protection and insurance affordability. Andrew Hall, CEO, Insurance Council of Australia, commented: "Today’s budget announcements are important investments in ... Read the full article
GRiP partners with JBA Risk Management to enhance flood risk intelligence in Africa
18th June 2024
GRiP has partnered with JBA Risk Management to offer customers access to the latest flood risk intelligence across Africa. This collaboration will provide insurers using GRiP's platform with valuable flood risk insights to enhance their underwriting for both personal and commercial insurance. Users of GRiP’s platform will gain access to data on ... Read the full article
June US SCS flooding spurs anticipation of hundreds of millions in insured losses: Aon
17th June 2024
Aon, a professional services firm providing risk, retirement, and health solutions, has released a weekly catastrophe report showing that since June 11, Southern Florida has faced substantial financial losses due to prolonged and excessive rainfall and severe convective storms (SCS). This has led to significant flash flooding and expected economic and ... Read the full article
June Central Europe SCS & flooding drive hundreds of millions in insured losses: Aon
14th June 2024
The recent severe convective storms and flooding that have affected multiple countries in Central Europe since June 6 are expected to result in economic and insured losses amounting to hundreds of millions of EUR, according to Aon’s weekly catastrophe report. Aon highlighted a multi-hazard event occurring from June 7-9 in eastern ... Read the full article
Insured losses in Germany from Central Europe floods could hit $3.2bn: Moody’s RMS
14th June 2024
Estimated insured losses in Germany from the Central Europe Floods will likely fall within the range of €2 billion to €3 billion (US$2.1 billion to US$3.2 billion), Moody’s RMS Event Response has stated. Heavy and persistent rainfall fell across central European areas between May 28, and June 3, with major flooding ... Read the full article
German Insurance Association expects recent flooding to cost insurers around €2bn
10th June 2024
The German Insurance Association (GDV) reported last week that torrential rains and flooding in Bavaria and Baden-Württemberg, between May 31st and June 4th, is expected to result in insured losses of around €2 billion (USD 2.15bn). The floods damaged homes, businesses, infrastructure, and farmland across parts of southern Germany, prompting the ... Read the full article
PERILS places final industry loss estimate for Emilia-Romagna floods at €495m
22nd May 2024
Zurich-based catastrophe insurance data provider PERILS AG has released its final insurance market loss estimate for the floods in the Emilia-Romagna region of Italy during May 2023, lowering the figure slightly to €495 million. This final figure compares to PERILS’ most recent loss estimates of €509 million, which was released ... Read the full article
Brazil floods: rising toll and mounting economic losses, says Aon
17th May 2024
Following recent floods in the Brazilian state of Rio Grande do Sul, the region grapples with escalating casualties and significant financial repercussions. According to insurance and reinsurance broker Aon's weekly cat report released on May 15, national authorities have confirmed that the total economic losses now surpass BRL9 billion ($1.75 billion). Meteorological ... Read the full article
Brazil floods to increase demand for catastrophic risk coverage: S&P
14th May 2024
As per a new report from S&P Global Ratings, the recent floods in Rio Grande do Sul, Brazil, may increase demand for catastrophic risk coverage, likely pushing up prices and premiums for this coverage type. Heavy rains started in Rio Grande do Sul, Brazil’s fifth-largest economic state, on April 28, and ... Read the full article
FloodFlash launches Dealer program to support those denied flood coverage
14th May 2024
FloodFlash, a parametric flood insurer, has added a Dealer program, which is designed to support vehicle sales and rental businesses that have been denied flood coverage, as it looks to support more US businesses ahead of the 2024 Atlantic hurricane season. One of the key product features is that the program ... Read the full article
Home insurance premiums edge up, remaining below historic highs: ABI
13th May 2024
Home insurance premiums in the UK increased by 3% in the first quarter of 2024. Despite this uptick, prices remain below historic highs, according to data from the Association of British Insurers (ABI). Home insurance premiums increased by 3% in the first quarter of 2024, attributed to severe winter weather. Despite ... Read the full article
Re/insurance losses from Brazil floods expected to be contained: AM Best
13th May 2024
With losses due to floods in Rio Grande do Sul, Brazil, estimated at BRL 7.5 billion ($1.45 billion), AM Best has noted that the impact on most re/insurers will be contained as they retain smaller exposures and have exited volatile business lines. Heavy rains started in Rio Grande do Sul, Brazil’s ... Read the full article
Synthetik successfully demonstrates its advanced flood analysis tool
13th May 2024
Synthetik has announced the successful demonstration of Flowcore, its "Flood Data Collection and Analysis" platform designed for modelling flood scenarios and predicting resulting damages and financial/insurance losses. Flowcore integrates Synthetik's specialised GPU-accelerated flood simulation code and employs artificial intelligence (AI) to deliver rapid results. This capability enables the assessment of cumulative ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
