TCIP mulls widening coverage to include flood risk: FitchThe Turkish Catastrophe Insurance Pool is in dialogue with private insurers to extend its coverage to include flood risk following the increased frequency of events in recent years, according to Fitch Ratings.
MS Amlin bolsters Syndicate 2001’s cat risk research with Guy Carpenter’s PhibbsLloyd’s (re)insurer MS Amlin has appointed Sam Phibbs as head of catastrophe research to help integrate the most up-to-date scientific thinking into syndicate catastrophe models.
Fema adds $575mn cat bond to NFIP risk transfer programThe US Federal Emergency Management Agency has expanded its reinsurance protection for the National Flood Insurance Program to $1.92bn ahead of the 2024 hurricane season with a $575mn cat bond.
Floodbase announces Mozambique and Malawi for parametric flood program pilotFlood risk data provider Floodbase has unveiled Mozambique and Malawi as the pilot locations for its parametric flood insurance program in partnership with African Risk Capacity Limited and Global Parametrics.
Neptune launches new excess flood product offering over $4mn in coverageNeptune Flood has unveiled a new excess flood product for residential, commercial and condominium (RCBAP) properties offering over $4mn of coverage.
AM Best: Economic losses from CA flooding to be “significant” with “many not insured”AM Best has said economic losses from last weekend’s atmospheric river event in California will bring “significant” economic losses and that “many” are not likely to be insured, with around 2 percent of the state’s residents opting to buy flood coverage.
Laos renews parametric flood cover with SeadrifLaos has renewed its parametric flood insurance with the regional Southeast Asia Disaster Risk Insurance Facility.
Perils issues NZ$2.23bn final loss estimate for New Zealand floodsLoss aggregator Perils has disclosed a fourth and final industry loss estimate of NZ$2.23bn ($1.37bn) for the flooding that hit New Zealand’s North Island between 27 January and 2 February last year.
Wright’s ResiFlood loses Zurich capacity in seven states and offers E&S alternativeWright National Flood Insurance Company’s ResiFlood program has lost the capacity support of Zurich in seven states, with the Brown & Brown-owned MGA offering policyholders the possibility of switching to its newly launched Lloyd’s-backed FocusFlood offering.
Perils ups Babet-Aline industry loss estimate to €683mnLoss aggregator Perils has disclosed a second industry loss estimate of €683mn ($744.7mn) for the floods and storms caused by low-pressure systems Babet and Aline, which impacted the UK and northwestern Europe between 18 and 22 October 2023.
FloodFlash expands to 10 more US states, brings total to 15Parametric insurtech FloodFlash has expanded into a further 10 US states, with minimum premiums for risks outside of the 15 states in which it operates reduced to $25,000.
UK’s Storm Henk to cost insurers up to £150mn: PwCInsured losses from the damage caused by Storm Henk are expected to total £150mn, according to PwC UK.
AM Best: UK storms to maintain pressure on non-life insurers’ profitabilityClaims from Storms Pia and Henk and the poor weather conditions that struck the UK over the festive period will maintain pressure on non-life insurers’ profitability, according to AM Best.
MSK: Insured losses from Germany flooding under €1bnGerman actuarial firm Meyerthole Siems Kohlruss (MSK) has estimated that insured losses emanating from the recent severe flooding across Germany could be less than €1bn ($1.09bn) – as long as defences remain intact.
Parametric insurtech FloodFlash says UK floods have triggered payoutsParametric insurtech FloodFlash has reported that its sensors have been triggered by the recent flooding in the UK
Claims volumes up 200% as UK floods continue following Storm HenkClaims volumes have risen 200 percent above “business as usual” as the UK responds to the latest round of wet weather to impact the country, according to Crawford & Company client account director Angus Stevens.
Fema grows NFIP 1.1 placement by 23% to $619.5mnThe National Flood Insurance Program (NFIP) has placed $619.5mn of reinsurance cover for 2024 through the support of 18 private reinsurance companies.
Neptune Flood expands to KentuckyNeptune Flood is now offering coverage in 49 US states and Washington DC after the MGA was approved to begin writing business in Kentucky.
Insurers fully settled NZ$2.7bn of Gabrielle and Auckland flood claimsInsurers have fully paid out NZ$2.7bn to settle private insurance claims relating to Cyclone Gabrielle and the North Island floods, according to new data from the Insurance Council of New Zealand.
ICA declares “significant event” across three states following Christmas stormsThe Insurance Council of Australia (ICA) has declared the severe storms that hit Queensland, New South Wales and Victoria between 23 and 26 December a “significant event”.