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.
FTP acquires Coastal Flood Underwriters
10th March 2025
Independent MGA and wholesale insurer FTP, INC. has acquired Coastal Flood Underwriters, LLC, a provider of flood insurance solutions. This acquisition aligns with FTP’s commitment to strengthen and deliver comprehensive and tailored flood insurance solutions. The move will also allow FTP to execute its long-term strategy of expanding its specialty insurance offerings ... Read the full article
Ping An partners with JBA to enhance flood risk management
4th March 2025
Ping An Insurance (Group) Company of China has entered a flood maps licensing agreement with UK-based flood specialist JBA Risk Management to enhance its underwriting and risk management capabilities. The partnership reflects the growing significance of flood risk in China, where both the frequency and severity of flood events have been ... Read the full article
Floodbase receives $5m investment to help accelerate flood insurance development
25th February 2025
Led by Ecosystem Integrity Fund (EIF), with participation from Pulse Fund, the investment enables the parametric platform to accelerate the development of flood insurance programs amid a large protection gap. Floods are the most common and devastating natural disasters, yet 83% of global economic flood losses over the past decade were ... Read the full article
Neptune Flood proposes roadmap to shift NFIP policies to private market
18th February 2025
Neptune Flood, a provider of private flood insurance in the United States, has unveiled a roadmap for transitioning National Flood Insurance Program (NFIP) policies to the private market, in order to reduce the government’s financial exposure to flood risk. In its latest report, Neptune Flood found two main structural issues that ... Read the full article
Swiss Re calls for coordinated effort to mitigate flood risks in UK
14th February 2025
Jason Richards, CEO of P&C Reinsurance for the UK & Ireland at Swiss Re, is calling for a coordinated effort by the government, re/insurers, and the broader business community to build more resilient infrastructure to mitigate the growing risks of floods and winter storms, especially where development in flood-prone areas ... Read the full article
UK needs £1bn+ annual flood defence investment to tackle climate risks, experts warn
10th February 2025
The UK urgently needs long-term flood defence investment exceeding £1 billion per year to keep pace with climate risks, according to analysis by flood risk modelling firm Fathom, which Flood Re, a joint initiative between the UK Government and the insurance industry, commissioned. The research has revealed that existing flood defences ... Read the full article
ICA declares North Queensland floods a ‘significant event’
3rd February 2025
The Insurance Council of Australia (ICA) has declared the floods impacting regions of North Queensland since January 29, a ‘significant event’. The flooding has forced thousands to evacuate, cut power to homes, and washed away sections of a major highway. The hardest-hit areas include Townsville, Innisfail, Ingham, Gordonvale, and Cardwell. Authorities warn ... Read the full article
Rising demand for flood insurance as 90% seek full coverage after 2024 hurricanes: Neptune Flood survey
31st January 2025
Neptune Flood, a provider of private flood insurance in the United States, has released findings from its fifth annual Neptune Consumer Survey of Flood Awareness, which highlights growing demand for tailored flood insurance solutions. Conducted in collaboration with the University of South Florida St. Petersburg Customer Experience Lab, the survey provides insights ... Read the full article
KatRisk expands probabilistic flood model to Mexico, Central America & the Caribbean
22nd January 2025
In a move to help communities prepare for climate-related disasters, catastrophe modelling software company KatRisk is bringing its advanced flood modelling software to Mexico, Central America, and the Caribbean. The company's probabilistic models will provide crucial insights into the growing risks of both inland flooding and tropical cyclones. KatRisk, acquired by Read the full article
Flood Re launches Flo to promote property flood resilience across Scotland
21st January 2025
Flood Re is launching a new Flood Bus, named Flo, as part of a nationwide initiative in Scotland to promote property-level flood resilience and help communities prepare for future flooding events. The vehicle will be launched at the annual Scottish Flood Resilience conference on January 28-29, hosted by Sniffer, the Scotland ... Read the full article
Previsico & Descartes partner to provide UK corporate parametric flood insurance
17th January 2025
Flood forecasting specialist Previsico has partnered with Descartes to offer businesses in the UK and Ireland accurate flood warnings and quick claims payments through new parametric coverage. According to Steven Hayward, IoT Systems Manager at Previsico, a third of commercial properties in the UK are at risk from flooding. "Our partnership with ... Read the full article
Flood events drive 78% of international industry losses in 2024: CRESTA
2nd January 2025
According to the Q4 CRESTA Industry Loss Index (CLIX) update, which provides data on non-US catastrophe events that have generated industry losses above $1 billion, 2024 was dominated by flood events, driving 78% of the total industry loss figure. In terms of the overall figure, the international loss tally for billion-dollar ... Read the full article
Private insurers uniquely positioned to close US flood coverage gap: Neptune Flood
24th December 2024
In a new report analysing the U.S. residential flood insurance market, Neptune Flood has underlined the critical role private insurers can play in addressing the nation’s growing flood coverage gap. According to the firm's research, more than 20 million homes in the U.S. face moderate to severe flood risk, yet only ... Read the full article
PERILS raises industry loss estimate to €2.08bn for September Central Europe floods
19th December 2024
Zurich-based catastrophe insurance data provider PERILS has updated its industry loss estimate for the floods in Central Europe and Italy from September 14–20, 2024, raising the total to €2.08 billion from the initial estimate of €1.886 billion released last month. Most of the losses were concentrated in Austria, the Czech ... Read the full article
Orion180 announces launch of personalised Residential Flood Insurance product
13th December 2024
Orion180, a provider of insurance solutions, has recently announced the launch of its new Residential Private Flood Insurance product. Orion180’s Private Flood Insurance product provides customisable and extensive coverage options for homeowners across all flood zones. Designed with the flexibility to meet the specific needs of both agents and policyholders, it pairs ... Read the full article
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