flood

German insurer Versicherungskammer Bayern Versicherungsanstalt des oeffentlichen Rechts’ (VKB) has provided an update on its losses from the severe flooding that struck southern parts of Germany in June 2024, highlighting they remain well-below the attachment point of its King Max Re DAC 2023 catastrophe bond, Artemis has learned.

Reinsurance broker Guy Carpenter is rolling out a new parametric flood product that has been designed to enable risk transfer for large portfolios of exposure across wide-areas. The FloodShield triggers are structured with the help of Floodbase, KatRisk, and ICEYE, plus this could be a solution that utilises ILS market capacity in future.

There has been another significant increase to the insurance and reinsurance industry loss estimate for this year’s severe flooding that affected the Auckland region of the North Island of New Zealand from data aggregator PERILS, with the total rising 18% to almost NZ $2 billion.

The impact of climate change has the potential to increase hurricane losses in the U.S. by at least 10% over two decades in certain scenarios, according to insurance and reinsurance broker Aon’s work with Columbia University.

The economic losses and cost associated with the ongoing severe flooding event in Europe that has particularly affected the Emilia-Romagna Region of Italy is expected to be significant, rising into the billions of Euros, but the insured losses will be lower as a “significant protection gap” for flood risk persists, broker Aon has said.

ICEYE, a provider of satellite data and services to inform decision-making and analysis, and Global Parametrics, the parametric and index-based disaster risk transfer company, have entered into a flood data agreement to support the development of innovative parametric solutions.

The insurance and reinsurance industry loss estimate for this year’s severe flooding that affected the Auckland region of the North Island of New Zealand, has been raised by just over 6% to almost NZ $1.76 billion, by catastrophe data aggregator PERILS AG.

Catastrophe data aggregator PERILS has released an updated insurance and reinsurance industry loss estimate for the October 2022 Southeast Australia floods of AU $907 million, up roughly 8% from the previous estimate reported in January.

This year’s severe flooding that affected the Auckland region of the North Island of New Zealand is initially estimated to have caused an insurance and reinsurance market loss of around NZ $1.65 billion, according to PERILS AG.

Thanks to the use of high-resolution data inputs and observations, the parametric trigger for a newly structured New York City neighbourhood parametric flood insurance pilot comes with reduced basis risk, ICEYE has explained.