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.
RAA endorses end to NFIP subsidies for new builds in flood risk areas
19th April 2021
The Reinsurance Association of America (RAA) has endorsed new legislation to end National Flood Insurance Program (NFIP) subsidies for newly-constructed properties in areas vulnerable to flooding. The Build for Future Disasters Act of 2021, reintroduced by Representatives Andy Barr and Scott Peters, would mean NFIP rates reflect up-to-date flood information for ... Read the full article
FEMA announces new NFIP rating methodology
6th April 2021
FEMA is updating the National Flood Insurance Program’s (NFIP) pricing methodology in an effort to communicate flood risk more clearly. The US government agency says Risk Rating 2.0—Equity in Action provides actuarially sound rates that are equitable and easy to understand. FEMA will now be able to equitably distribute premiums across all ... Read the full article
Suncorp estimates current flood loss at $250m as ICA sees claims rise
31st March 2021
Australian insurer Suncorp has announced an expected losses of between $230 million and $250 million from the recent heavy rainfall and flooding across New South Wales, South East Queensland and Victoria. Concurrently, the Insurance Council of Australia has raised its estimate from the $438 announced earlier this week to $497 ... Read the full article
NSW flooding to pressure underwriting margins, dampen earnings: AM Best
30th March 2021
AM Best says it expects recent flood activity in Australia to put pressure on general insurers’ underwriting margins and dampen 2021 earnings. As of this week 9,213 claims have been received following devastating flood events across the east and southeast of the country. Days of torrential downpours have prompted rivers and ... Read the full article
Australia’s flood loss hits $438m, IAG & SUN likely to exceed cat budget
29th March 2021
A new report from Morgan Stanley states that Australian insurers IAG and Suncorp are now likely to exceed their catastrophe budgets for 2021 by a modest amount, after it was announced that the country has so far been inflicted with flood losses of $438 million. As of this morning, 29,213 insurance ... Read the full article
Australia flood claims estimated at $254m as crisis extends to Queensland
24th March 2021
In its latest update, the Insurance Council of Australia (ICA) says it has recorded more than 17,000 claims from the severe flooding that began in New South Wales (NSW) earlier this week, with losses currently estimated at AU $254.2 million (US $193.49 million). Notably, 15% of claims are now coming out ... Read the full article
ICA registers 11,700 claims from NSW floods
23rd March 2021
Data from the Insurance Council of Australia (ICA) shows that, so far, policyholders have lodged 11,700 insurance claims associated with the devastating storms and flooding in New South Wales (NSW). The ICA noted that further claims have been lodged since those numbers were collected this morning and more are expected in ... Read the full article
Australian insurers ramp up flood support, provide reinsurance updates
22nd March 2021
Australia’s major insurance providers including Suncorp and IAG are ramping up efforts to support customers affected by severe flooding currently unfolding across New South Wales and South East Queensland. The ICA has declared a catastrophe for large parts of NSW, following the evacuation of around 18,000 residents following widespread and ... Read the full article
ICA declares catastrophe as NSW overwhelmed by floods
22nd March 2021
The Insurance Council of Australia (ICA) says it is working with the New South Wales Government to understand the severe weather and flooding currently impacting large parts of the region, particularly around the Mid-North Coast and Hawkesbury-Nepean. The ICA has also declared a catastrophe for large parts of NSW, following the ... Read the full article
Global Parametrics & Fathom partner on flood index
19th March 2021
Parametric and index-based disaster risk transfer firm Global Parametrics has partnered with UK-based flood risk modeller Fathom on a flood index that will enable new levels of parametric solutions. Global Parametrics has combined high resolution data provided by Fathom with streamflow data from the ECMWF GloFAS hydrological and monitoring system to ... Read the full article
Swiss Re targets advanced flood risk management with ICEYE partnership
2nd March 2021
Global reinsurer Swiss Re has advanced its natural catastrophe services via a new strategic partnership with ICEYE, the world's largest commercial synthetic-aperture Radar (SAR) satellite operator and flood monitoring provider. Building on ICEYE's technology, the new partnership aims to advance flood risk management, assist disaster response and speed up claims payments ... Read the full article
PERILS sets final £368mn estimate for Feb 2020 UK floods
1st March 2021
Zurich-based catastrophe insurance data provider PERILS has placed a £368 million final industry loss estimate of the flooding that took place across the UK during February 2020. The floods primarily affected Wales and the Midlands and Yorkshire in England between 9 and 29 February 2020. PERILS’ estimate is based on claims data ... Read the full article
FEMA secures a further $575mn of flood reinsurance for NFIP
26th February 2021
The US Federal Emergency Management Agency (FEMA) has transferred an additional $575 million of the National Flood Insurance Program's (NFIP) flood risk to the capital markets through the sponsor of its fourth catastrophe bond transaction. FloodSmart Re Ltd. (Series 2021-1) is FEMA's fourth and largest catastrophe bond transaction, providing $575 ... Read the full article
WhenFresh & Ambiental partner on UK flood data
10th February 2021
Data supplier WhenFresh has partnered with Ambiental Risk Analytics, a specialist in environmental hazard intelligence, predictive analytics and risk management, to make Ambiental’s flood risk data available to UK re/insurers. WhenFresh already supplies data to many leading UK insurers, but will now be able to provide access to Ambiental’s UK FloodMap ... Read the full article
Flood Re welcomes flood-resilience targets
8th February 2021
State-backed reinsurance scheme Flood Re has welcomed a report published by the Environment, Food and Rural Affairs (EFRA) Select Committee, which calls for clear flood-resilience targets. It explored different measures to help tackle flooding, which include continuing investment in new and maintenance of existing flood defences, as well as improvements in ... Read the full article
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