Flood catastrophe bond news

Once again a northeast U.S. hurricane has been a major flood catastrophe event. This happened last year with hurricane Irene which saw the U.S. National Flood Insurance Program, pick up a significant portion of the economic losses from the storm. It’s expected that this will also happen with Sandy and this has once again highlighted […]

A new report from Swiss Re finds that flood insurance losses are growing rapidly while the insurability of flood as a peril continues to prove difficult for the insurance and reinsurance sectors. No other natural catastrophe impacts as many people on an annual basis, with floods impacting an estimated 500 million people per year. Back […]

At the end of last week the two U.S. houses of Congress passed a bill which will see the National Flood Insurance Program (NFIP) officially extended for another five years with some reforms enacted to it as well. The reforms do not go as far as many had wanted but along with the extension this […]

A new bill, which is ostensibly a tax bill but includes reforms to the National Flood Insurance Program, has been passed in the U.S. House of Representatives (on the 13th), the first step on a long route towards becoming law (or not). The bill passed was called the Middle Class Tax Relief and Job Creation […]

Important news this morning from PERILS AG, the independent Zurich-based company providing industry-wide European catastrophe insurance data and loss indices for insurance-linked security and industry-loss warranty transactions, who have announced that they are expanding their services to include coverage for a new class of risk, UK flood. The addition of inland flooding for the UK […]