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Reinsurance News
6th June 2018
The flooding in Houston caused by Hurricane Harvey in August 2017 has brought into relief the stark flood insurance protection gap for many communities in the U.S, according to the specialist insurance and reinsurance marketplace, Lloyd’s of London. Lloyd’s ‘After the Storms’ report assessed the damage caused by Hurricane Harvey, finding ... Read the full article
21st May 2018
Overall economic damage from the storm that hit the Australian city of Hobart, Tasmania over May 10-11 is currently estimated by local officials to have reached around AUD $50 million (USD $38 million), according to Impact Forecasting, Aon Benfield’s catastrophe risk modeller. A complex low-pressure system brought rain, wind, hail and ... Read the full article
11th May 2018
The Insurance Council of Australia (ICA) has declared a catastrophe following severe wind and flood damage from a storm that affected the city of Hobart, Tasmania over May 10-11, 2018. Record overnight rainfall brought flash-flooding to the capital of Australia’s island state, damaging property and sweeping away cars, while wind gusts ... Read the full article
23rd April 2018
Parametric and weather index insurer, Meteo Protect has launched a new weather insurance product designed for river cruise boats and riverside businesses, which were adversely affected by the extreme precipitation and flooding in France in recent months. From December 2017 to February 2018, France experienced record-breaking levels of precipitation, which led ... Read the full article
10th April 2018
Swiss Re’s research institute, sigma, has reported that global insured losses from disaster events totalled a record US $144 billion in 2017, leaving a $193 billion deficit in coverage when compared with total global economic losses from natural disasters and man-made catastrophes, which reached $337 billion. Sigma noted that this was ... Read the full article
29th March 2018
Flood Re, the UK's flood reinsurance facility, has announced that this year it will freeze the premium prices it charges to insurers when they cede policies to the scheme, instead of imposing its usual annual increase in premium thresholds. This is the first time Flood Re has suspended premiums increases, as ... Read the full article
5th March 2018
Artemis has reported that the U.S. Federal Emergency Management Agency (FEMA) is planning for a potential mid-year 2018 reinsurance placement for the National Flood Insurance Program (NFIP), as it looks to expand the reinsurance program it started last year. During a keynote speech at the SIFMA IRLS 2018 conference in Miami, Roy E. ... Read the full article
25th January 2018
Intense rainfall continues to hit Paris with the already swelled river Seine expected to continue rising until Saturday, causing roads, metros and monuments to be closed across the City. Forecasters have predicted that the flooding in Paris is going to worse, with authorities predicting that the river Seine will reach more ... Read the full article
12th January 2018
Verisk has launched a new personal lines flood insurance program designed to make flood coverage widely available to homeowners anywhere in the United States through its ISO business. "The floods of recent years have highlighted the inadequacy or complete lack of coverage for many Americans, including those who didn't think they ... Read the full article
14th December 2017
Global specialty insurer and reinsurer, Canopius, has agreed to cede risks to Flood Re, the UK's Government-backed flood reinsurance scheme. The agreement aims to enable UK homeowners living in flood prone areas with access to more effective insurance solutions. The UK Government has pledged support of the Flood Re scheme until 2039, ... Read the full article
12th December 2017
The latest data from the UK’s government-backed reinsurance scheme, Flood Re, shows that as at September 30th, 2017, the number of policies benefiting from Flood Re increased to 142,000. Flood Re aims to make flood insurance more accessible to property owners in the UK, and its latest data reveals that 77,000 policies ... Read the full article
6th December 2017
The U.S. Federal Emergency Management Agency (FEMA) is set to recover the full $1.024 billion under its 2017 flood reinsurance program for the National Flood Insurance Program (NFIP), as its estimates show the entire layer blown by losses from hurricane Harvey. The 2017 reinsurance program was placed in January 2017 and ... Read the full article
15th November 2017
The U.S. Federal Emergency Management Agency (FEMA) has begun the procurement process for a 2018 flood reinsurance program renewal for the National Flood Insurance Program (NFIP), to be effective on or about January 1st, 2018. In 2016 FEMA tested the waters with reinsurance protection, purchasing just $1 million of protection ... Read the full article
13th November 2017
The Federal Emergency Management Agency (FEMA) has selected AIR Worldwide’s Inland Flood and Storm Surge risk models for the United States to help it to get a better understanding of the National Flood Insurance Program’s (NFIP) loss potential. By taking up the AIR flood risk model, FEMA will benefit from a ... Read the full article
27th October 2017
The impact of recent hurricanes in the third-quarter of 2017 on parts of the U.S. brings the country's protection gap into focus, with greater insurance penetration required for what's considered the most developed market in the world. Hurricanes Harvey and Irma brought intense and damaging levels of rainfall, flooding and surge ... Read the full article
