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.
Insured losses from nat cats to exceed $135bn in 2024: Swiss Re
5th December 2024
With the US enduring two major hurricanes and numerous severe thunderstorms in 2024, it has contributed to at least two-thirds of the estimated global insured losses for the year, which exceed $135 billion, according to a new report from Swiss Re. Hurricane Helene, which made landfall on the 27th of September, ... Read the full article
Pen Underwriting signs up to Flood Re’s Build Back Better Scheme
5th December 2024
Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has announced that its specialist home insurance practice has signed up to Flood Re’s Build Back Better scheme to reduce the impact of future flooding on its customers by helping to bolster their properties’ resilience. For those unaware, Flood Re launched its ... Read the full article
Storm Bert triggers rapid parametric payout from FloodFlash
2nd December 2024
With Storm Bert affecting counties across England and Wales, parametric flood insurance provider FloodFlash has revealed that it made a payout to a client in just over 10 hours after a trigger was activated. According to Ian Bartholomew, Chief Underwriting Officer at FloodFlash, the firm's sensors first measured flooding on Sunday ... Read the full article
Flooding risk presents major credit challenges for Eastern and Southern US: Moody’s
27th November 2024
Destructive flooding recently caused by hurricane Helene highlights an increasing flood risk for local economies and tax bases, notably across the Eastern and Southern United States, says Moody's Ratings. However, according to analysts, as coastal and inland flooding events are beginning to become more frequent and severe, this growing hazard poses ... Read the full article
Spain floods highlight role of state-backed reinsurance for climate risks
25th November 2024
A recent report from Fitch Ratings has highlighted the vital role of the state-managed catastrophe insurer, Consorcio de Compensación de Seguros (CCS), in strengthening the Spanish insurance market's resilience to climate risks, as demonstrated by the recent floods that struck the country. For those unaware, the flash floods claimed over 220 ... Read the full article
Insurers call on Canada’s federal government to move forward with national flood insurance program: IBC
19th November 2024
October storms in Southern British Columbia, Canada, resulted in over $110 million in insured damages, as per initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). In response to these escalating costs, insurers urge the federal government to move forward with the implementation of a National Flood Insurance Program to better ... Read the full article
Inland homeowners increasingly vulnerable to floods but most without coverage: Triple-I
14th November 2024
Despite the growing threat of flooding from intense storms, many homeowners in inland areas remain unprotected as they do not have flood insurance coverage, reflecting a widespread misunderstanding about the coverage, Triple-I highlighted in a recent report. The report "Flood: State of the Risk" examines the flood insurance gap across the ... Read the full article
Insured losses from Spain flooding expected to exceed €4bn: Morningstar DBRS
14th November 2024
According to Morningstar DBRS, insured losses from the extreme weather phenomenon (commonly known by its Spanish acronym DANA (Depresión Aislada en Niveles Altos) that caused severe flooding in the eastern region of Spain in October, are expected to exceed €4 billion. As of writing, the severe flooding and heavy storms that ... Read the full article
Previsico launches Instacasting, an advanced flood mitigation solution
13th November 2024
Previsico, a provider of surface water flood forecasting, is introducing Instacasting, a next-generation flood mitigation solution. Instacasting uses the most accurate observed rainfall data available (rather than predicted data) to assess surface water flood risks, enabling clients to respond more quickly and with greater confidence. The Instacasting suite integrates seamlessly with Previsico's ... Read the full article
Flood preparedness to benefit re/insurers & policyholders: Swiss Re Institute
11th November 2024
While protective measures like dykes, dams, and floodgates can be expensive, their financial benefits can outweigh post-disaster rebuilding expenses by up to ten times, according to a new study from the Swiss Re Institute. The firm observed that economic losses caused by natural catastrophes reached an estimated $280 billion in 2023, ... Read the full article
Wright Flood partners with Orange to co-brand flood policies
8th November 2024
Wright National Flood Insurance Company has announced its partnership with Orange Insurance Exchange (Orange) to co-brand flood policies. Wright Flood will service, administer, and issue flood coverage under the National Flood Insurance Program (NFIP) for Orange policyholders and agents. Patricia Templeton-Jones, President of Wright Flood, expressed excitement about the new partnership, stating, ... Read the full article
ICEYE estimates 2.6k buildings impacted by Spain flooding
4th November 2024
Using its synthetic aperture radar (SAR) satellite constellation to track the recent severe flooding in southeastern Spain, ICEYE estimates that over 2,600 buildings have been affected. For those unaware, flash floods in Spain have killed over 200 people, triggered by a destructive weather system where cold and warm air meet to ... Read the full article
PERILS estimates €1.89bn industry loss for September Central Europe floods
4th November 2024
Zurich-based catastrophe insurance data provider PERILS AG has released its initial industry loss estimate for the floods in Central Europe and Italy during the period of 14 to 20 September 2024, pegging the total at €1.886 billion. As a reminder, the low-pressure system Boris (also known as Anett) caused prolonged heavy ... Read the full article
Insurers brace for one of Spain’s costliest events following October floods: Aon
1st November 2024
The insurance sector is preparing for potentially one of Spain’s costliest events on record due to catastrophic flooding across eastern and southern regions that began on October 27, 2024, according to global insurance and reinsurance broking group Aon. The event began with intense rainfall and severe storms in Almería Province on ... Read the full article
Insured losses from Spain flooding to be well above €1bn: Morningstar DBRS
31st October 2024
According to Morningstar DBRS, insured losses from the extreme flooding in eastern and southern regions of Spain are expected to be well above €1 billion, given the significant damage to people, properties, vehicles, and businesses as well as to the agriculture sector. On October 29, 2024, extreme flooding, triggered by severe ... 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.
