Flood catastrophe bond news

In a testimony delivered to the United States House of Representatives, NAMIC suggested that the U.S. National Flood Insurance Program would benefit from transferring risk to the private sector through reinsurance and catastrophe bonds.

Flood risks across the Asia-Pacific region are receiving an increased focus, as reinsurance and ILS markets look to find new opportunities to put capacity to work. Analysis and developments in risk models clearly show the need for more capacity to target this peril.

The UK government’s planned state-backed flood reinsurance pool, Flood Re, has published a tender for retrocessional reinsurance broker services, detailing that it is open to alternative risk transfer or alternative (capital) market solutions.

Catastrophe risk modelling firm AIR Worldwide has announced the launch today of what it is calling the industry’s first detailed, physically based, probabilistic inland flood risk model for the United States.

The UK’s planned state-backed flood reinsurance pool, Flood Re, could leave UK insurance companies more exposed than before as the facility relies on the government keeping its promises on flood defenses and could raise exposure to climate change, said S&P.

Risk modelling firm AIR Worldwide has released an estimate for insured losses in Germany resulting from the recent flooding events across Central Europe. AIR estimates insured losses in Germany to be between €4 billion and €5.8 billion, that’s up to $7.7 billion in USD. The flood event is ongoing so any insured loss estimates could […]

Fitch Ratings has said in an update that it expects the recent European flooding, which hit Central Europe particularly hard, may cause insured losses of €3 billion in Germany alone. In the update published yesterday 11th June, Fitch said it expects the floods in Europe this year will be even more costly than the 2002 […]

Zurich based independent provider of industry-wide European catastrophe insurance data and loss indices, PERILS AG, has released satellite-based flood footprints for the ongoing catastrophic flooding event in Central Europe. The floods which have affected Germany, Austria, the Czech Republic and Hungary are expected to result in billions of Euros of insured losses.

Flooding across Central Europe is reaching record levels in many towns and cities after torrential rainfall struck the region in recent days. The waters are still rising in some areas of Austria, Germany and the Czech Republic and it’s possible that a meaningful insurance industry loss from this flood event could also hit reinsurers in […]

Reinsurer Swiss Re held a media event yesterday at which they discussed trends in the insurance-linked securities, catastrophe bond and reinsurance convergence markets, how the market has developed in 2012 and a few thoughts on where the market can develop further in 2013 and beyond. Encouragingly Swiss Re seem very confident on the cat bond […]