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NFIP flood cat bonds called for in reauthorisation proposal

A newly proposed draft piece of legislation which calls for the National Flood Insurance Program (NFIP) to be reauthorised for a 10 year period also clarifies the authority of the administrator FEMA to issue flood catastrophe bonds.With the legislation authorising the NFIP coming up for expiry on September 30th 2017 read the full article →

UK floods loss finalised at £1.108bn on Eva-Frank drop: PERILS

PERILS AG has finalised its insurance and reinsurance industry loss estimate for the UK floods in winter 2015/16 at £1.108 billion, after its fourth industry loss estimate for storms Eva – Frank has been pegged at £504 million.Eva – Frank struck the UK between the 25th December 2015 to 14th January read the full article →

PERILS finalises Storm Desmond UK flood loss estimate at £604m

PERILS AG, provider of industry-wide European catastrophe exposure, industry loss data and indices, has finalised its industry loss estimate for the UK floods due to storm Desmond that struck the country in December 2015 at £604 million.PERILS previous loss estimate for the flooding from storm Desmond, published in June, had read the full article →

Artemis Flood & Protection Gap Executive Roundtable 2016

Welcome to our 2016 Artemis Flood & Protection Gap Roundtable in partnership with Swiss Re, in which participants explore the issues surrounding global flood insurance coverage, the resulting protection gap and how traditional and capital markets can assist to narrow this.Flood is a rapidly evolving and increasingly costly peril, responsible read the full article →

High resolution flood data from RMS an opportunity for risk capital

A new suite of high resolution Europe Inland Flood Hazard Data has been released by catastrophe risk modeller RMS, which the firm says provides global insurance and reinsurance firms (and perhaps ILS players) with a greater opportunity to write business for an underinsured risk.Flood events across Europe can be far-reaching read the full article →

UK flood insured loss estimate falls to £1.135bn on Eva-Frank drop: PERILS

The insurance and reinsurance industry loss estimate from the UK flooding that hit the country in December 2015 and early January 2016 is now £1.135 billion ($1.56bn), after the estimate for storms Eva – Frank fell by 7%, according to PERILS AG.Zurich-based PERILS AG, a provider of industry-wide European catastrophe read the full article →

German insurers face $1.4bn bill from Elvira, Friederike storms & floods

The German insurance industry is facing a loss of $1.4 billion (EUR1.2 billion) from the two storms Elvira and Friederike, as well as other severe weather, which struck the country from May 27th to June 9th 2016, according to association the GDV.The GDV (or Gesamtverband der Deutschen Versicherungswirtschaft) has now read the full article →

At least $7bn of global insured disaster losses in May: Aon Benfield

Global natural disasters and severe weather events are expected to cost the insurance and reinsurance industry at least $7 billion in May, as the Fort McMurray wildfire, European and U.S. severe weather ramp up industry losses.Reinsurance broker Aon Benfield's risk modelling and analytics unit Impact Forecasting estimate that the final read the full article →

French flood insurance loss estimated at up to $1.6 billion: AFA

The French Insurance Association (AFA) has released a more formal initial estimate of the insurance industry losses to be expected from the recent French flooding, saying that the final loss could be as much as EUR1.4 billion (approximately $1.6 billion).The figure from the AFA is a little lower than the read the full article →

Paris & France floods & storms could cost insurers over EUR2bn: MAIF

The insurance industry bill from severe flooding and storms affecting Paris and surrounding regions of France will be as much as EUR2 billion ($2.3 billion) or more, according to Pascal Demurger, director general of French mutual insurers group the MAIF.Speaking to news agencies yesterday, Demurger said that his organisation (the read the full article →