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Global Parametrics & Guy Carpenter help NYC research inclusive flood cover

Parametric risk transfer is increasingly seen as a way to carve out segments of an expensive traditional insurance product to make something more inclusive, affordable and importantly responsive available to more people. In New York City, waterside areas of the city with high levels of low to mid-income homeowners are finding read the full article →

Hudson Structured invests in flood focused MGA reThought

Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance, insurtech and transportation focused investment manager, has made an investment in a specialist flood underwriting managing general agent called reThought Insurance. Hudson Structured, doing its reinsurance investment business as HSCM Bermuda, participated in a $15.5 million Series A investment round for read the full article →

Florida set for some of the steepest NFIP flood insurance rate rises

Florida is set to experience some of the steepest increases in rates and pricing of flood insurance coverage under the National Flood Insurance Program (NFIP) after the release of FEMA's new Risk Rating 2.0 system comes into effect over the next year. Already facing rising insurance rates due to hurricane and read the full article →

Fathom’s new US flood model features climate & hurricane future scenarios

Research led flood risk model developer Fathom has launched a new U.S. flood model that provides 100% nationwide coverage and incorporates the ability to look at how climate change could impact flooding, as well as how changing hurricane behaviour may affect losses. Fathom's new U.S. flood catastrophe risk model provides all-encompassing read the full article →

Gallagher to offer sensor-based parametric flood insurance to clients

Insurance broker Gallagher has teamed up with insurtech start-up FloodFlash to offer its innovative sensor-based parametric flood insurance product to commercial clients of the firm. The agreement between the two will help FloodFlash to expand the uptake of its sensor driven parametric flood insurance solution, while bringing flood coverage that may read the full article →

Stalling hurricanes not more frequent, but exposure to them rising: TigerRisk

Research performed by global reinsurance broker and risk capital advisory TigerRisk Partners finds that the phenomena of hurricane stalling over land has not become more frequent, but the dollar value of damages caused are rising as exposures increase. The United States saw two significant stalling hurricanes in the last two years, read the full article →

RMS launches inland flood risk model for the U.S. in high definition

Catastrophe risk modelling specialist RMS has launched a high definition inland flood risk model for the United States, which it hopes will help insurance and reinsurance firms to establish and expand flood risk underwriting businesses. The new RMS U.S. Inland Flood HD Model covers all types of inland flooding events, including read the full article →

Hiscox Re and ILS launches flood product, with alt capital backing

Hiscox Re and ILS, the reinsurance and insurance-linked securities (ILS) arm of the global re/insurer, has launched FloodXtra, a new U.S. primary flood product, which is designed to help address the flood insurance gap and will enable its ILS investors to access sources of flood risk. FloodXtra will be available to read the full article →

PCS to publish NFIP aggregate flood loss data, starting with Harvey

Property Claim Services (PCS), a division of Verisk Analytics, is to publish aggregate flood loss data supplied by the National Flood Insurance Program (NFIP), starting with hurricane Harvey, in a push to provide a more comprehensive view of national catastrophe losses. In the past, NFIP losses have been excluded from insurance read the full article →

NFIP or bust? The reinsurance layer certainly is, but once or twice?

Estimates of losses to the National Flood Insurance Program (NFIP) from hurricanes Harvey and Irma's flooding are on the rise, leaving the NFIP's administrators with the difficult task of refunding the Program which is technically bankrupt and all but guaranteeing that the $1.024 billion reinsurance layer will payout. Hurricane Harvey saw read the full article →