Flood

Blanc to lead UK government flood insurance review

The UK government has launched a review into why insufficient flood cover was in place ahead of the November 2019 floods and to establish actions for future events, spearheaded by industry executive Amanda Blanc.

NFIP offers fourfold extension on renewal grace period over Covid-19

The Federal Emergency Management Agency (Fema) has extended the grace period to renew flood insurance policies under the National Flood Insurance Program (NFIP) from 30 to 120 days, applicable to contracts that expire between 13 February and 15 June 2020.

Perils ups Townsville flood losses to A$1.24bn

Loss aggregation firm Perils has increased its estimate of insured losses stemming from Australia’s Townsville floods in January and February last year to A$1.24bn ($832.2mn), the highest insured flood loss since the Brisbane Floods in 2011.

Insured cat losses fall 34% to $53bn in 2019: Willis Re

Insured damages from major natural catastrophes in 2019 totalled $53bn, 34 percent lower than the $80.5bn loss figure recorded a year earlier, according to the latest catastrophe report from Willis Re.

Cost of $1.33bn traditional NFIP reinsurance climbs 10%

The Federal Emergency Management Agency (Fema) paid just over 10 percent more for the traditional reinsurance placement bought on behalf of the National Flood Insurance Program (NFIP) at 1.1 despite securing less limit on the lower layer of the cover.

Seven-year Tria reauthorisation passed by Congress

The US Senate has approved a spending package that includes reauthorisations of the terrorism insurance backstop and the National Flood Insurance Program (NFIP), with the bill now heading to President Donald Trump’s desk to be signed into law.

Is Santa Claus coming to Washington?

US insurers will soon find out whether they have been naughty or nice when the US Senate decides if it will deliver a veritable wish list of legislation benefiting insurers, including what would represent a stunningly early renewal of the terrorism insurance backstop.

Flood Re issues broking tender for £10mn reinsurance contract

Guy Carpenter’s five year relationship with UK government-backed Flood Re could come to an end, with news that the carrier is putting the renewal of its flood reinsurance program out to tender.

US House passes Tria and NFIP extensions

The US Senate is being urged to take action after the House of Representatives passed a broad government spending package that includes a seven-year extension of the federal terrorism insurance backstop and a nine-month extension of the National Flood Insurance Program (NFIP).

PwC pegs North of England flooding at £120mn

Big four accountancy firm PwC has estimated the insured loss from flooding in the North of England between £80mn to £120mn ($102.9mn to $154.3mn), after more than 500 properties flooded and 1200 households evacuated since the weekend.

NFIP rating revamp pushed back a year

Fema has announced that its Risk Rating 2.0 initiative will now be implemented in October 2021, a year later than it originally announced, against a backdrop of political criticism of the new rating system.

NFIP pays out over $280mn in Imelda claims

The National Flood Insurance Program (NFIP) has paid over $280mn to Texas policyholders from Tropical Storm Imelda.

ICA calls on government authorities to invest $200mn+ in cat risk mitigation

The Insurance Council of Australia (ICA) has hit back against recent claims that “uninsurable” addresses in the country will double by the end of the century, saying the impacts of extreme weather could be prevented by “mitigation and adaptation” efforts funded by the Commonwealth.

Hiscox launches AR app to model US flood risk

London-listed heavyweight Hiscox has released a new app that uses augmented reality and a virtual topographical map to model the ways predicted sea level rises could impact Greenville, a suburb of Jersey City, Hudson County, in the US.

Commercial flood MGA reThought secures Munich Re and Swiss Re support

Expansive US commercial flood-focused MGA reThought Insurance is looking for significant growth in 2020 after signing up reinsurers including Munich Reinsurance America and Swiss Re, The Insurer can reveal.

Northern Ireland braces for Hurricane Lorenzo after Azores lashing

Tracking over the Azores Islands off the coast of Portugal, category 2 Hurricane Lorenzo is set to reach Northern Ireland at extratropical cyclone strength on Thursday afternoon.

Senate passes short-term NFIP extension

A short-term extension of the National Flood Insurance Program is heading to President Trump’s desk as part of funding legislation passed by the Senate.

House passes NFIP extension as part of funding bill

The US House of Representatives has passed a continuing resolution that includes an extension of the National Flood Insurance Program to 21 November.

Marsh’s Torrent unveils Hiscox-underwritten flood offering

Marsh subsidiary Torrent Technologies has announced a comprehensive private market primary flood insurance offering for agents of its Write Your Own (WYO) carrier clients.

Axa XL targets “rare growth opportunity” with Neptune partnership

Axa XL and Neptune Flood have entered a strategic underwriting partnership to expand the all-digital flood insurance program administrator’s capacity to homeowners throughout the US.

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