flood

Perhaps not an unexpected conclusion from a study on global flood risk, but the latest update to insurance and reinsurance broking group parent Marsh McLennan’s Flood Risk Index shows a dramatic increase in values-at-risk of flooding is possible with climate change.

Insurance and reinsurance broker Aon is embedding climate change considerations into its Impact Forecasting flood catastrophe risk models for Europe, thanks to a collaboration with the Karlsruhe Institute of Technology (KIT).

Flood losses suffered by two insurance brands owned by Rand Merchant Investment Holdings, the South African based financial services investment holding company, are all expected to be covered by the reinsurance programs of subsidiaries OUTsurance and Youi, the company has said.

Global reinsurer Munich Re has collaborated with parametric insurance platform, Raincoat and Cloud to Street (C2S), a climate adaptation technology firm, on the delivery of a country-level flood parametric program for smallholder farmers across Colombia.

Global insurance and reinsurance group Allianz confirmed that the severe flooding in Europe in July has resulted in a €400 million operating profit impact to its results this morning, suggesting around €700 million of flood losses were recovered from its reinsurance partners.

Global insurance and reinsurance group Allianz has lifted its estimate for gross losses from storm Bernd’s impacts in Europe and the severe flooding that struck the region by 22% to €1.1 billion.

Global reinsurance giant Swiss Re has provided preliminary estimates for its losses from two of the major catastrophe events of the summer months, while it says the industry loss from hurricane Ida is estimated at between $28 billion and $30 billion, while Europe’s flooding is estimated as a $12 billion industry loss.

Insurance and reinsurance market losses from July’s severe flooding in Germany are now expected to reach as high as €7 billion (around US $8.3bn), according to the chief of the country’s insurance association.

Catastrophe risk modelling firm RMS has provided an estimate of the insurance and reinsurance industry loss from July’s devastating flooding across Europe, saying it could be as high as €6.5 billion (US $7.7bn).

Expectations for insurance and reinsurance market losses from the July flood disaster in Germany are rising, with regulator BAFIN estimating the toll at €5.7 billion, around €1 billion of which it expects will fall to reinsurance firms from the country.