flood reinsurance

A new assessment by Moody’s shows that the United States faces a widening gap between growing flood risk and the take-up of flood insurance, potentially exposing the country to more than $375 billion in aggregated uninsured flood losses from a 1-in-100-year event.

Flood specialist JBA Risk Management has launched an enhanced version of its Global Flood Model, which introduces a variety of key features, such as enhanced hazard maps, a wide range of future climate event sets, and improvements to both processing speed and exposure disaggregation.

Floodbase, a specialist in parametric flood risk, has raised $5 million in investment funding, in a round led by Ecosystem Integrity Fund (EIF) with participation from Pulse Fund, with the company planning to use the funds to accelerate the development of its flood insurance programs.

In a timely move, specialist flood risk intelligence and data firm Fathom has announced the launch of a state-of-the-art global flood catastrophe risk model, named Global Flood Cat.

Lawmakers are being presented with a new bill that proposes the creation of a catastrophe reinsurance program to help insurers provide more coverage in exposed and loss challenged areas, with catastrophe bonds also highlighted as a potential way to underpin the facility.

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.

A bill has been reintroduced to the United States Congress that again calls on lawmakers to codify that Federal Emergency Management Agency (FEMA), as the administrator of the U.S. National Flood Insurance Program (NFIP), sets a PML target each year and buys reinsurance and capital market risk transfer solutions accordingly.

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.

The U.S. Federal Emergency Management Agency (FEMA) has explained the structure of its $1.153 billion National Flood Insurance Program’s (NFIP) traditional reinsurance renewal for 2021.

The U.S. Federal Emergency Management Agency (FEMA) has renewed the National Flood Insurance Program’s (NFIP) traditional reinsurance program at the January renewals, opting for a downsized $1.153 billion of coverage, but from an expanded panel of reinsurers.