After years of volatility, the US small business property insurance market is beginning to stabilise, with increased capacity in constrained areas creating more options for coastal risks and fostering a competitive landscape, according to a new report from Amwins Access.
Flood
Neptune Flood has released a new report on the US residential flood insurance market, advocating for systemic reforms and a greater shift towards private market solutions.
Aon has partnered with flood risk intelligence firm Fathom to enhance understanding of the impacts of climate change on flood perils globally under its Climate Risk Monitor solution.
Perils’ estimate of insured losses from September’s flooding in Central Europe has passed the €2bn threshold in its latest market update.
Insurance Bureau of Canada (IBC) president and CEO Celyeste Power has criticised the country's ruling government for its failure to include funding to support the launch of a national flood insurance program in its Budget 2024.
The Association of British Insurers (ABI) has described a new report by the Environment Agency as "sober reading" following the findings that 6.3 million properties in England are currently located in flood risk areas.
State-backed Flood Re has received backing from UK brokers for its flood resilience measures and initiatives.
The impact of Storm Darragh, which hit western England and Wales over the weekend, serves as "another wake-up call" for (re)insurers over the escalating losses from extreme weather events, according to Swiss Re's Jason Richards.
The government of Honduras has received a $4.67mn payout after its parametric excess rainfall insurance policy was triggered last month during Tropical Storm Sara.
Loss aggregator Perils has disclosed a third industry loss estimate of €1.58bn ($1.67bn) for the flooding that impacted parts of southern Germany between 31 May and 6 June 2024.
Estimated insured losses from natural catastrophes are on track to exceed $135bn in 2024, the fifth consecutive year insured losses have passed the $100bn mark, according to Swiss Re Institute.
Parametric Insurer investigates the data sources and coverage structures that have been used for index-based flood coverage, widely seen as a growth area for the parametric insurance market.
The National Flood Insurance Program (NFIP) has already paid out over $1.4bn in losses stemming from Hurricane Helene as it works to process the more than 56,000 claims that have been filed since the storm made landfall in late September.
Parametric MGA FloodFlash has paid claims after heavy rainfall from Storm Bert hit the UK in recent days.
Storm Bert, which hit the UK and Ireland over the weekend, has triggered a 60 percent surge in insurance claims, although its impact is more localised than previous storms, according to claims management provider Sedgwick.
