Neptune to offer flood solution to SIAA member agenciesNeptune Flood has partnered with Strategic Insurance Agency Alliance (SIAA), the US’s largest independent insurance agency alliance, to provide member agencies access to the AI-driven MGU’s instant flood solution.
ICA estimate for Sydney floods creeps up to A$155mnInsurers have received 13,271 claims related to the flooding which has impacted Sydney and surrounding parts of New South Wales since 1 July, according to the Insurance Council of Australia (ICA).
ICA increases Sydney floods estimate to A$142mnInsurers have now received 12,221 claims related to the ongoing storm and flooding damage in New South Wales, according to the Insurance Council of Australia (ICA).
ICA estimate for Sydney flood losses rises to A$122mnInsurers have received 10,526 claims related to the ongoing flooding in Sydney and surrounding parts of New South Wales, according to the Insurance Council of Australia (ICA).
ICA estimates Sydney flood claims to date at A$97.9mnInsurers have now received 8,415 claims for the flooding which has impacted Sydney and surrounding areas since 1 July, the Insurance Council of Australia (ICA) has said.
reThought: Industry needs to start pricing correctly for flood riskSpecialist flood MGA reThought Insurance is working on new technology to further develop true pricing of flood risk to build into its underwriting model as it looks to attract long-term capacity to support its business model and the viability of the flood insurance market, The Insurer can reveal.
Sydney floods compound Australian cat concerns after challenging 1.7 renewalsRain-swollen rivers look set to further exacerbate the current catastrophic flooding in Sydney, just days after domestic cedants were hit by substantial rate increases at the 1 July renewals.
ICA issues “significant event declaration” for latest New South Wales floodsThe Insurance Council of Australia (ICA) has initiated its preliminary catastrophe processes for the regions of New South Wales impacted by storms and flooding in recent days.
ICEYE launches flood impact analysis platformHelsinki-based ICEYE, a satellite data provider and natural catastrophe solutions specialist, has launched a new geospatial platform which allows insurers to better understand the impact of a flood event.
ICA increases Australia East Coast flood loss estimate to A$4.8bnInsured losses from the destructive floods that impacted southeast Queensland and northern New South Wales in the first quarter of the year have now risen to A$4.8bn ($3.3bn), according to the Insurance Council of Australia (ICA).
Aon unveils new partnership to build climate science into European flood modelsAon has partnered with the Karlsruhe Institute of Technology (KIT) to enhance its European flood model offering.
Flood specialist Wright National upgraded to A by AM BestAM Best has upgraded the financial strength rating to A (Excellent) from A- of Wright National Flood Insurance Company (WNFIC), with the rating agency citing the Brown & Brown subsidiary’s role as the leading writing of federal flood insurance in the US.
R Street proposes five NFIP solutions at Senate hearingPublic policy research organisation R Street suggested five solutions to help fix the National Flood Insurance Program (NFIP) during a recent Senate banking committee hearing, including developing a private market by pricing policies at an actuarially sound rate.
CatIQ ups loss estimate for last November’s BC floods to C$675mnCatastrophe Indices and Quantification Inc (CatIQ) has raised its estimate for the devastating floods that hit British Columbia last November to C$675mn ($525mn), confirming the disaster as the costliest weather event in the province’s history.
Wright Flood acquires NFIP book from UPCBrown & Brown-owned Wright Flood is acquiring United Property & Casualty Insurance Company (UPC)’s flood insurance portfolio in a transaction set to close by the end of this month.
UniFi buys controlling stake in National Flood Services from Peak6Property casualty technology solutions provider UniFi Group has agreed to acquire a controlling interest in National Flood Services (NFS) from Peak6 Insurtech, which will retain a minority interest in the platform.
Munich Re backs parametric flood product for Colombian farmersMunich Re has launched a country-level flood parametric program for smallholder farmers across Colombia, via a partnership with flood intelligence firm Cloud to Street (C2S) and parametric insurance platform Raincoat.
Perils ups Eastern Australian flood losses to A$4.9bnInsured losses from the recent Eastern Australia floods, which occurred in February and March 2022, are now estimated to total A$4.89bn ($3.52bn), according to loss aggregator Perils.
Australian flood losses rise to A$4.3bnInsured losses from the recent flooding in southeast Queensland and New South Wales are now estimated to total A$4.3bn ($3.08bn), according to the Insurance Council of Australia (ICA).
Industry groups tell Congress to pass long-term NFIP extension with reformsThe Reinsurance Association of America and National Association of Professional Insurance Agents have called for long-term reauthorisation of the National Flood Insurance Program with key reforms, in testimony before a US House of Representatives subcommittee.