Flood

Munich Re supports parametric insurance pilot in Mississippi River Corridor

The Mississippi River Cities and Towns Initiative (MRCTI) has announced a parametric insurance coverage pilot over the Mississippi River Corridor in partnership with Munich Re.

October floods add another C$110mn+ to Canadian cat losses

An atmospheric river that caused widespread flooding along the southern British Columbia coastline in Canada between 18 and 20 October has generated insured damages of over C$110mn ($78mn), according to Catastrophe Indices Qualification and Quantification.

Morningstar DBRS warns of €4bn+ insured losses from Spanish floods

Flash flooding across southern Spain in October is likely to generate total insured losses of more than €4bn, according to Morningstar DBRS, including those covered by the state-backed catastrophe consortium.

Neptune Flood: $8.2bn-$10.2bn NFIP losses expected in 2024 with loss ratio above 200%

An analysis from Neptune Flood has shown that the National Flood Insurance Program’s losses this year could top $10bn.

Annex gets coverholder status and unveils new residential flood program

Annex has secured Lloyd’s coverholder status in a move that will allow the flood-focused insurtech MGA to bring a new surplus lines private flood offering for residential properties to market.

Allianz, Swiss Re and HKV develop parametric products for urban flooding in Accra, Ghana

An Insurance Development Forum project to strengthen the financial resilience of flood-prone communities in Ghana has delivered two parametric insurance products.

Fema: More than 72,000 NFIP claims filed in Florida for Debby, Helene and Milton so far

The Federal Emergency Management Agency has said that more than 72,000 National Flood Insurance Program policyholders have filed claims in Florida from hurricanes Debby, Helene and Milton.

Premium reductions can incentivise flood mitigation: Swiss Re

The (re)insurance sector has a crucial role to play in incentivising protective measures for flood risk through premium calculations, a new report by Swiss Re Institute has said.

Valencia floods to have “limited” effect on insurers despite €3.5bn CCS loss estimate: S&P

Valencia’s flash flooding will have a “limited effect” on private insurers despite an estimated industry loss of €3.5bn ($3.77bn) by the Consorcio de Compensación de Seguros, according to analysts at S&P Global Ratings.

Preliminary insured loss estimate for October Spanish floods at €1.5bn-€2.5bn: Gallagher Re

Preliminary estimates from Gallagher Re have placed the potential insured loss from October’s Spanish floods between €1.5bn ($1.61bn) and €2.5bn.

“Shocking inability” to predict and manage Spanish floods is warning to UK

UK insurance executives have called for greater collaboration between the industry and government on adequately managing and mitigating climate-related risks in light of the recent devastating flooding in Spain.

Perils issues €1.89bn initial loss estimate for September’s Central European floods

Loss aggregator Perils has disclosed an initial industry loss estimate of €1.89bn ($2.06bn) for the floods that hit Central Europe and Italy between 14 and 20 September 2024.

Aon: Floods may be one of Spain’s costliest weather events on record

Flooding in eastern and southern Spain this week has the potential to be “one of the costliest events in Spain on record”, according to Aon, with similar historical events generating economic losses between $3bn and $12bn.

Insured losses from Spanish floods “well above” €1bn: Morningstar DBRS

Flooding across eastern and southern Spain following severe rainfall earlier this week is expected to generate insured losses “well above” €1bn ($1.1bn), Morningstar DBRS has forecast.

FEMA: Over 54,000 NFIP claims filed after Hurricane Helene

More than 54,000 National Flood Insurance Program policyholders affected by Hurricane Helene have filed claims, according to the US Federal Emergency Management Agency.

Isleton City selects Epic Insurance Brokers to place parametric flood cover

The Californian city of Isleton has selected Epic Insurance Brokers & Consultants to place its community-based flood insurance program, Parametric Insurer can reveal.

Using data to push back against Europe’s rising flood threat

ICEYE’s Anke Sielker reviews the evolving flood dynamic in Germany and explains why satellite data is becoming increasingly relevant in this fast-changing risk context.

CoreLogic estimates $17bn-$28bn Milton insured wind and flood losses

CoreLogic has released initial residential and commercial wind and flood loss estimates for Hurricane Milton, with the property analytics and data provider expecting an industry-wide insured loss of between $17bn and $28bn.

Moody’s RMS issues “best estimate” of $26bn insured losses from Milton

Private market insured losses from Hurricane Milton are expected to be between $22bn and $36bn, Moody’s RMS Event Response has said, with a “best estimate” of $26bn.

Brazil’s deadly floods: the compound impact of El Niño and climate change

Catastrophic flooding in Brazil in April and May was a stark reminder of the compound effect of El Niño and climate change. The unprecedented rainfall – now twice as likely due to global warming – led to devastating flooding across the state of Rio Grande do Sul.

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