Flood

Zurich and Wright launch private flood program

Zurich North America and Brown & Brown-owned Wright National Flood Insurance Services have announced a standalone residential private flood insurance program.

Associations slam Senate NFIP bill’s WYO provision as unacceptable

Insurance associations are strongly opposing a bill introduced in the US Senate that would extend the National Flood Insurance Program (NFIP) for five years.

Barry insured losses will not top $500mn: RMS

RMS has estimated that insured US losses from Hurricane Barry will not exceed $500mn, with about half of the total set to be absorbed by the National Flood Insurance Program (NFIP).

Barry swerves New Orleans as inland flooding threat issued

The National Hurricane Centre (NHC) has warned of flash flooding throughout Monday as tropical storm Barry bypassed New Orleans over the weekend, weakening into a tropical depression.

AIR expands European inland flood model

Catastrophe risk modeler AIR Worldwide has broadened its inland flood model for Central Europe to include Poland.

German storms to cost Eur650mn

A series of thunderstorms which struck Germany between 3-12 June is set to cost insurers some Eur650mn ($728.2mn), according to industry association GDV.

5-year NFIP extension clears key House committee

The US House of Representatives financial services committee has passed a measure that would extend the National Flood Insurance Program (NFIP) for five years.

Congress passes 2-week NFIP extension

The US House of Representatives has passed an extension of National Flood Insurance Program (NFIP) authorisation to 14 June by a unanimous consent procedure, buying time for the full House to return after recess and work on a longer term extension.

Second attempt to push NFIP extension through House fails

Another attempt to pass an extension of the National Flood Insurance Program (NFIP) in the US House of Representatives by unanimous consent request has been blocked by a Republican from Kentucky.

House fails to act after Senate passes NFIP extension

US Congress looks to have failed to pass reauthorisation of the National Flood Insurance Program (NFIP) in time to stop it lapsing on 31 May, after the House of Representatives did not approve a disaster relief measure passed by the Senate.

US House passes bill extending NFIP to 30 September

The House of Representatives has passed a bill to extend authorisation of the National Flood Insurance Program, with the Senate now needing to take action to avoid the backstop expiring at the end of this month.

Perils increases Townsville flood estimate to $728mn

Loss aggregation firm Perils has increased its estimate of insured losses stemming from Australia’s Townsville floods earlier this year to AUD$1.04bn ($728mn).

Fema confirms close of second cat bond, covering $300mn of NFIP risk

The Federal Emergency Management Agency (Fema) now has $2.12bn of flood cover in place after confirming the close of a $300mn catastrophe bond covering National Flood Insurance Program (NFIP) risk, with Hannover Re acting as a transformer.

Private US flood market to surge on bank rule change and NFIP rating overhaul

Momentum is building for the private insurance market to take on more flood risk. This was the biggest topic of discussion during the National Association of Insurance Commissioners (NAIC) spring meeting.

Private US flood insurance market grew 9% in 2018: NAIC

Private flood insurance premiums increased 9 percent last year, according to initial results revealed by the National Association of Insurance Commissioners (NAIC) property casualty committee, with FM Global continuing to dominate the market.

Bill to increase cat fund LAE reimbursement clears Florida committee

A Florida Senate committee has approved a bill that would increase the level of loss adjustment expenses (LAE) covered by the state’s cat fund from 5 percent to 10 percent – a move that could mitigate potential loss creep ceded to private reinsurers after future cat events.

Midwest floods will not be major homeowners or NFIP loss: AM Best

Despite mounting economic damages from the ongoing Midwest flooding, Fema’s reinsurance programme for the NFIP appears unlikely to attach because of the low take-up of flood cover in the region.

Townsville flood claims total 25,778 as bill hits $742mn: ICA

Insured losses emanating from the flood event which impacted the Australian city of Townsville earlier this year are estimated at A$1.04bn ($742mn), according to the Insurance Council of Australia (ICA).

New NFIP rating system will transform flood pricing in 2020

The US National Flood Insurance Program (NFIP) has announced a new system for rating flood risk called Risk Rating 2.0 that will become available in April 2020.

Perils pegs Townsville flood losses at $677mn

Loss aggregation firm Perils has pegged insured losses stemming from the flood event which impacted the city of Townsville earlier this year at AUD$957mn ($677mn).

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