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Global insured losses from floods accelerate, double in a decade: Swiss Re

Globally, insurance and reinsurance market losses from flooding have accelerated significantly, with a doubling in the total in a decade to reach US $80 billion over the 2011 to 2020 period, but then another acceleration into 2021 when they reached $20 billion alone. This is according to global reinsurance giant Swiss read the full article →

Climate change could drive cost of UK floods 42% higher: JBA

The impacts of climate change could drive the economic costs of flooding in the United Kingdom some 42% higher by 2050, according to analysis by specialist flood risk modeller JBA. JBA Risk Management believes the cost of a 200-year flood event could increase by 42% to £5 billion by the middle read the full article →

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 →