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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 →

Harvey economic loss could be up to $75bn: Moody’s Analytics

An analyst at Moody's Analytics has estimated the total economic loss due to hurricane Harvey at up to $75 billion. The massive price tag would see the storm on a par with superstorm Sandy in terms of economic impact to the United States. As the flooding persists and spreads towards Louisiana read the full article →

ILS can help to narrow the flood risk protection gap: Miller, JLT Capital Markets

The insurance-linked securities (ILS) market and providers of capital market backed reinsurance capacity can help with the job of narrowing the flood risk protection gap in the wake of hurricane Harvey, according to Rick Miller Managing Director - Co-Head of Insurance Linked Securities at Jardine Lloyd Thompson Capital Markets. As hurricane read the full article →

Hurricane Harvey floods could hit NFIP’s $1 billion reinsurance layer

As early estimates of damages from hurricane Harvey point towards an overall economic impact in the low tens of billions of dollars with flooding likely to have caused the majority, the National Flood Insurance Program's (NFIP) reinsurance layer looks increasingly at risk of paying out. As our other publication ReinsuranceNe.ws reported read the full article →