UK government mulls overhaul of Flood Re schemeThe British government has launched a consultation on the future of Flood Re in an attempt to improve the efficiency and effectiveness of the state-backed scheme and to accelerate uptake of property flood resilience measures.
PwC pegs Storm Christoph losses at up to £120mnPwC has estimated insured losses in the UK from Storm Christoph will be between £80mn and £120mn ($110mn-$164mn).
Convex, Fidelis and OdysseyRe join panel for trimmed NFIP reinsurance placementConvex, Fidelis and OdysseyRe have joined the panel of carriers on the National Flood Insurance Program’s traditional reinsurance placement, which has a record 32 participants for the year ahead but sees a 13 percent reduction in limit placed compared with the expiring cover.
Guy Carpenter: Industry must embed climate adaptation measures in products(Re)insurers must move faster to embed climate risk mitigation and adaptation measures in products to help enhance resilience, according to Charles Whitmore, international public sector lead at Guy Carpenter.
Marsh insurtech Torrent teams with Palomar for new flood offeringMarsh’s Torrent Technologies has partnered with Palomar Specialty Insurance Company in a move which will provide the flood-focused insurtech’s Write-Your-Own (WYO) carrier clients and agents with a suite of new admitted flood insurance offerings.
RMS unveils new wildfire and inland flood modelsRMS has released updated wildfire and inland flood models at a time when the broader industry nurses heavy losses from the perils and tries to get to grips with the exposure.
National Flood Services awarded NFIP contractUS flood insurance solutions provider National Flood Services has been awarded the National Flood Insurance Program (NFIP) Direct service provider contract.
Flood Re ratings raised to A with S&P increasingly confident about schemeFlood Re’s profits in the past year despite a number of loss events has led S&P Global Ratings to upgrade the UK scheme’s ratings.
Senate passes one-year NFIP reauthorisationThe US Senate has passed a one-year extension of the National Flood Insurance Program (NFIP) as part of government funding legislation that now awaits President Donald Trump’s signature.
Are we in for another record-breaking year?In the midst of the 2020 Atlantic hurricane season, Pete Dailey, vice president at RMS compares and contrasts 2005, perhaps the most memorable Atlantic season in recorded history, to 2020.
US House passes bill that would extend NFIP for a yearThe US House of Representatives has passed a measure to extend the National Flood Insurance Program (NFIP) through the end of September 2021 as part of government funding legislation, with the focus now turning to the Senate.
NFIP’s cat bonds and reinsurers exposed to Sally losses: AM BestHurricane Sally is unlikely to be a major insurance loss for the private market because it is more of a flood event covered by the National Flood Insurance Program (NFIP), but the federal backstop’s cat bonds and reinsurers are potentially exposed, AM Best has commented.
NFIP extension expected in continuing resolution as expiration looms againInsurance trade associations are urging Congress to reauthorise the National Flood Insurance Program (NFIP) ahead of its 30 September lapse, with a short-term extension expected to be included in a continuing resolution to keep federal agencies open.
Neptune Flood adds residential condo coverage with Axa XL and Lloyd’sAI-driven MGU Neptune Flood has expanded its product suite to cover all the product types currently offered by the National Flood Insurance Program (NFIP) by adding residential condo insurance as well as policies for apartment buildings, co-ops, hotels, motels and inns.
Perils increases February UK floods loss estimate 26% to £375mnLoss data aggregation service Perils has updated its estimate for insured property losses for February 2020 UK floods to £375mn, up from its £297mn estimate in early April.
US flood insurance confusion laid bare by new Neptune and USF studyA new survey has laid bare the stark misconceptions that many US homeowners and renters have about their exposure to flood risk, as well as the options available to them to mitigate the peril.
Midland homeowners flood damages “certainly” above $1bn, but most uninsuredHomeowners losses caused by floods that swept through central Michigan last month after two dams failed will be uninsured, according to a high profile trial attorney who has also claimed damages from the event will “certainly exceed a billion dollars”.
ICA pegs summer cats at $3.4bnInsured losses across Australia stemming from summer catastrophe events now stands at A$5.1bn ($3.39bn), according to the Insurance Council of Australia (ICA).
Insurers face possible Dow Chemical claim after Michigan facility floodsInsurers including HDI, Scor, Zurich and Starr Tech will be closely monitoring developments in Midland, Michigan after flooding from burst dams threatened to inundate The Dow Chemical Company’s facility.
Guy Carpenter launches probabilistic Philippines Flood ModelGuy Carpenter has launched a countrywide flood model for the Philippines, enabling insurers to assess flood exposure, one of the most frequent natural hazards in the region.