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.
Neptune appointed as Palomar’s exclusive MGA for flood insurance
27th June 2025
Specialty property insurer Palomar Holdings, Inc. has announced a strategic partnership with Neptune Flood, a private flood insurance provider, to accelerate growth in the US flood insurance market. As part of the collaboration, Neptune will become Palomar’s exclusive managing general agent (MGA) for flood insurance. Palomar will gain access to Neptune’s AI-powered ... Read the full article
Descartes expands US Flood offer with new parametric product
26th June 2025
Descartes Underwriting, a specialist in corporate parametric insurance solutions for climate and emerging risks, has launched a new fully customisable Flood-at-Location parametric flood insurance product for US commercial customers. Backed by extensive research in flood modelling and advanced sensor systems, Descartes noted that its new product upends the traditional approach to ... Read the full article
Brit establishes new digital underwriting platform for US flood market
25th June 2025
Brit Group Holdings Limited has revealed the launch of Brit Flood, a new digital underwriting platform for the US flood market. Brit explained that the new development is built on its in-house technology platform and can offer instant quotes for primary US residential flood insurance. "Using an API which connects agent’s platforms ... Read the full article
PERILS places final industry loss from southern Germany floods at €1.564bn
6th June 2025
Zurich-based catastrophe insurance data provider PERILS has released its fourth and final industry loss estimate for the floods that struck southern Germany between 31 May and 6 June 2024, placing the insured market loss at €1.564 billion. The final figure is reportedly composed of personal lines property losses, which represent 63% ... Read the full article
reThought Flood hires industry veteran Kevin Thomas to lead residential expansion
4th June 2025
Technology-centric underwriting agency reThought Flood has appointed business development leader and flood expert Kevin C. Thomas to help expand its presence in the residential flood risk market. Thomas will lead the continued development of reThought Flood’s residential insurance distribution strategy. He joins reThought Flood from USI Insurance Services, where he served as ... Read the full article
ICA declares NSW floods ‘Insurance Catastrophe’ as claims received nears 5,000
27th May 2025
The Insurance Council of Australia (ICA) has upgraded the Mid North Coast and Hunter flooding event classification to an "Insurance Catastrophe" due to updated feedback on ground information about local event severity. So far, insurers have received 4,900 claims from the event, which has seen flooding in the Mid North Coast ... Read the full article
Reinsurers to remain disciplined at mid-year despite severe NSW floods: BofA
23rd May 2025
The severe flooding across the Mid North Coast and Hunter regions of New South Wales (NSW) is not expected to derail the strong FY25 outlook, with reinsurers likely to remain disciplined at mid-year renewals, according to analysts at BofA Securities. On 21st May, 2025, the Insurance Council of Australia (ICA) declared ... Read the full article
Willis integrates Moody’s flood data & analytics in its risk modelling tools
6th May 2025
Willis, a WTW business, has integrated Moody’s detailed global flood data into its proprietary risk management tools, building upon its partnership with the company. In the past, Willis has incorporated Moody’s catastrophe models into its Property Quantified platform. This expanded partnership aligns with the pair's shared vision to modernise risk management through ... Read the full article
Neptune Flood surpasses $100bn of insured value
2nd May 2025
Florida domiciled Neptune Flood, a private flood insurance provider, has surpassed $300 million in premium in force, over 235,000 policyholders, and over $100 billion of insured value. These milestones underscores the firm's commitment to the private flood insurance market, driven by cutting-edge technology, data-driven underwriting, and protecting homeowners and businesses from ... Read the full article
Mitigrate receives strategic investment from Lloyd’s
17th April 2025
Mitigrate, a climate insurtech and Lloyd’s Lab alumni, has received a strategic investment from Lloyd’s, with continued support from its existing investors. Mitigrate is a ClimateTech SaaS startup offering a platform designed to reduce flood risk at the individual property level. Tailored for the commercial and residential insurance markets, the solution ... Read the full article
Flood insurance protection gap widening in central Appalachia: Neptune
11th April 2025
Catastrophic flooding in early 2025 has highlighted the growing flood risk across Kentucky, Tennessee, and West Virginia, however, flood insurance participation is rapidly declining from an already low base, leaving the region financially exposed, according to a recent analysis by Neptune Flood. The central Appalachian states of Kentucky, Tennessee, and West ... Read the full article
April US floods & SCS to drive hundreds of millions in insured losses: Aon
11th April 2025
Persistent flooding and severe weather across parts of the Mississippi River Valley from April 2 to 7 are expected to result in insured losses reaching into the hundreds of millions of USD, according to Aon’s weekly catastrophe report. Continuous storm development along a stagnant frontal boundary during this period brought heavy ... Read the full article
Westfield enhances flood protection options for US homeowners
24th March 2025
In an effort to better protect US homeowners from increasing flood risks, Westfield, a property and casualty insurance company, is introducing a new inland flood coverage add-on. This new option is designed to help bridge the gap in flood insurance for homeowners living outside traditional high-risk flood zones, particularly in areas ... Read the full article
PERILS ups industry loss figure for Sept Central Europe floods to €2.19bn
20th March 2025
Zurich-based catastrophe insurance data provider PERILS has disclosed its third industry loss estimate for the floods in Central Europe and Italy during September 2024, reporting a total of €2.192 billion. For those unaware, in mid-September 2024, the low-pressure system Boris (also known as Anett) brought prolonged heavy rain across Central Europe, ... Read the full article
Previsico secures additional funding to drive US expansion
12th March 2025
Previsico, the actionable flood warning insurtech, has secured further funding, led by a new investor, Burnt Island Ventures, a venture capital firm specialising in water innovation, along with Foresight Capital Ventures and its existing angel investor network. The company says that it will use the additional funding to support and accelerate ... Read the full article
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