Flood

Neptune’s new investment supports push for 10% US flood market share in five years

Neptune Flood’s new backing from private equity firms Bregal Sagemount and FTV Capital will provide further fuel for the MGA as it targets getting around 10 percent of the US flood insurance market on its books within the next five years, CEO Trevor Burgess has told Program Manager.

PE firms Sagemount and FTV acquire minority stake in flood MGA Neptune

Private equity firms Bregal Sagemount and FTV Capital have announced they will acquire a “substantial minority stake” in Neptune Flood Incorporated, providing growth capital for the digital insurtech platform and private flood insurance provider.

NFIP’s Ian payments pass $3.9bn and move close to reinsurance trigger

The National Flood Insurance Program has paid over $3.9bn to more than 48,000 policyholders for Hurricane Ian claims, which is up from the $2.2bn figure the US Federal Emergency Management Agency announced in January and close to the $4bn trigger for reinsurance cover.

Prestige Underwriting to join Flood Re’s Build Back Better scheme

Prestige Underwriting has joined Flood Re’s Build Back Better scheme, becoming the first MGA to offer its customers access to reimbursement costs of up to £10,000.

Perils ups Auckland flooding losses to NZ$1.75bn

Loss aggregator Perils has disclosed a second industry loss estimate of NZ$1.754bn ($1.09bn) for the flooding event that hit New Zealand’s largest city of Auckland earlier this year.

Perils ups loss estimate to A$907mn for Australia floods in October

Loss aggregator Perils has disclosed its third industry loss estimate for the southeast Australia flooding in October last year, increasing its estimate to A$907mn ($601.07mn).

ICA brings in Deloitte for review of 2022 flood response

The Insurance Council of Australia has appointed Deloitte to undertake an external review into the insurance industry’s response to the 2022 southeast Queensland and northern New South Wales floods.

Wright begins writing admitted flood coverage in Illinois with Zurich capacity

Wright National Flood Insurance Services has begun offering its admitted standalone ResiFlood program in Illinois with coverage limits of up to $1mn underwritten on the AM Best A+ rated paper of Zurich.

Flood Re to meet with US govt and regulators in resilience drive

UK state-backed reinsurance scheme Flood Re has joined this week’s UK government trade delegation to the US to share its knowledge and experience in developing capabilities around flood resilience.

Perils ups final February 2022 Eastern Australia flooding loss estimate to A$6.527bn

Loss aggregator Perils has disclosed a fourth and final industry loss estimate of A$6.527bn ($4.36bn) for the Eastern Australia floods that occurred between 20 February and 11 March 2022, marking the country’s largest insured catastrophe loss event.

GC’s Enoizi suggests five ways to narrow flood protection gap in Capitol Hill testimony

Guy Carpenter’s Julian Enoizi has told a Congressional hearing that strengthening the NFIP, using reinsurance, growing the private market, reducing risk and embracing innovation and new solutions can all help improve risk readiness and mitigate the impact of floods in the US.

Fema adds $275mn cat bond to NFIP risk transfer program

Fema has supplemented its reinsurance protection for the National Flood Insurance Program to $1.8bn ahead of the 2023 hurricane season with a $275mn cat bond, the latest in its series of FloodSmart Re issues.

New Zealand insurers expect NZ$1bn flood claims bill in “long haul” response

Insurers expect to pay claims totalling more than NZ$1bn ($621.5mn) for the record flooding which hit Auckland during Anniversary Weekend earlier this year, according to provisional data from the Insurance Council of New Zealand.

Guy Carpenter and Swiss Re support New York flood parametric pilot

Guy Carpenter and Swiss Re are participating in a new pilot program that will provide up to $1.1mn in emergency funding following a major flooding event in New York City.

FloodFlash extends Munich Re Syndicate capacity to US

Parametric insurtech FloodFlash has penned a US capacity agreement with Munich Re Syndicate.

Marsh McLennan: Inadequacy of current flood programs is unsustainable

Depending on governments as insurers of last resort for flood risk to cover losses and fund recovery is an unsustainable approach owing to the rising frequency and severity of flooding events, a new report by Marsh McLennan has warned.

ICA: Eastern Australian flood claims reach $5.75bn at one-year anniversary

One year on from the 2022 southeast Queensland and northern NSW floods, the Insurance Council of Australia has released updated data that shows claims have reached A$5.75bn ($3.91bn).

New Zealand declares state of emergency for Cyclone Gabrielle

New Zealand has declared a national state of emergency for only the third time in its history after Cyclone Gabrielle caused widespread flooding, landslides and storm surge ocean swells, in what officials have described as an “unprecedented” natural disaster.

reThought uses Flood Resilience Score to drive pricing as post-Ian market shifts

Specialist flood MGA reThought is using its proprietary Flood Resilience Score to provide a ground-up granular view of risk that enables it to accurately price exposure on properties at a time when the market is beginning to react post Ian by pushing up rates, according to co-founder Cory Isaacson.

Flood MGA reThought raises $10.5mn in Series B round

MGA reThought has completed a $10.5mn Series B funding round after raising $15.5mn last summer and will use the extra capital to extend the distribution of its flood products and further invest in a tech platform it says facilitates the most advanced underwriting capability for the peril in the industry.

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