Reinsurance News
23rd March 2017
Property and casualty insurance holding company, Kingstone Company, Inc., has received necessary approval for its innovative voluntary flood solution for National Flood Insurance Program (NFIP) X-Zone residents in New York State, the company has announced. It's believed that this is the first voluntary flood solution in New York State, and enables NFIP X-Zone ... Read the full article
21st March 2017
The British Insurance Brokers' Association (BIBA) is aiming to expand the availability of flood insurance for small and medium-sized enterprises (SMEs) in flood risk areas not served by the government-backed Flood Re initiative, via a new commercial scheme that could increase the need for reinsurance protection. Executive Director of BIBA, Graeme ... Read the full article
20th March 2017
Federal Emergency Management Agency (FEMA) official, Roy Wright, has underlined a need to expand flood insurance protection across the U.S., supported by the multi-year reauthorisation of the National Flood Insurance Program (NFIP) and growing interest for participation from insurers and reinsurers. Addressing the U.S. Senate Committee on Banking, Housing, & Urban Affairs ... Read the full article
20th March 2017
Reinsurance brokerage and advisory JLT Re has partnered with KatRisk, a specialist flood risk modeller, to help it bring enhanced flood risk modeling capabilities to its client base. KatRisk is a specialist in the flood risk model space, with tools offering flood inundation maps at multiple return periods as well as ... Read the full article
16th March 2017
President Donald Trump's first proposed budget includes a measure that would scrap all funding for the National Flood Insurance Program's Flood Hazard Mapping Program. The Flood Hazard Mapping Program sees the Federal Emergency Management Agency (FEMA) working to identify flood hazards, assess flood risks and work alongside states and communities to ... Read the full article
13th March 2017
The Housing and Insurance Subcommittee met recently to discuss the state of the U.S. National Flood Insurance Program (NFIP) and potential reforms, including the opportunity for the private sector to develop an effective private flood risk insurance market. The development of a private flood risk insurance and reinsurance market in the U.S. ... Read the full article
9th March 2017
Bermudian insurance and reinsurance company Validus Group has said that after analysing the National Flood Insurance Program's risk profile, the re/insurer deems that it would underwrite as much of 15% of the risk on its own balance-sheet. It's a clear indication that the private insurance and reinsurance market is ready and ... Read the full article
15th February 2017
Specialty insurer Palomar has used AIR Worldwide’s U.S. probabilistic flood model to obtain a first-ever successful rate filing for flood. Palomar has become the first admitted firm to successfully offer a stand-alone residential flood insurance product in California, after its first-time launch of AIR’s flood model, Flood Guard. The programme was first released by ... Read the full article
15th February 2017
Global specialty insurance group MS Amlin has become the first Lloyd's of London syndicate operator to underwrite homeowners policies backed by the government's flood reinsurance scheme, Flood Re. MS Amlin signed up with the UK Government backed Flood Re to support its underwriting of flood risks assumed through mid to high ... Read the full article
14th February 2017
Natural hazard modelling services provider, JBA Risk Management, has opened its first U.S. office in response to demand for what it's called a gap in the insurance and reinsurance sectors' knowledge of sophisticated U.S. flood risk assessment. Despite floods consistently falling amongst the highest ranking causes of insured losses globally, and being the most prevalent ... Read the full article
17th January 2017
Reinsurance broker Aon Benfield named flooding as 2016’s top risk in its 2016 Annual Global Climate and Catastrophe Report released today. 2016 was the fourth consecutive year where flooding was the costliest global peril - at $62 billion it caused nearly one-third of the $210 billion global economic losses. After flooding, the reinsurance broker listed ... Read the full article
