ABI sticks to final UK floods insurance bill of £1.3 billion

The Association of British Insurers (ABI) is sticking with its estimate that the final insurance bill for last winter's UK flooding will cost around £1.3 billion (approximately $1.9 billion), so impact to reinsurance and ILS markets should not creep too much higher.The ABI said today that over 15,000 insurance claims read the full article →

Climate change raises questions about Flood Re funding: Fitch

Uncertainty surrounding climate change and its influence on increased frequency and severity of extreme weather events raises questions about the funding adequacy of the UK’s government-backed reinsurance scheme Flood Re, according to Fitch Ratings.Flood Re remains scheduled for launch in April 2016, in what’s an effort from the UK government read the full article →

UK floods insured loss now £1.24bn, as Eva-Frank estimate rises: PERILS

The insurance and reinsurance industry loss from the flooding that struck the UK in December 2015 and early January 2016 is now estimated at £1.24 billion ($1.75bn) as the estimate for storms Eva - Frank rises 10%, according to PERILS AG.According to Zurich-based PERILS AG, a provider of industry-wide European read the full article →

PERILS lowers estimate for Storm Desmond UK flood losses to £662m

PERILS AG, provider of industry-wide European catastrophe exposure, industry loss data and indices, has lowered its estimate of insurance or reinsurance market losses from the UK flooding caused by storm Desmond at the beginning of December 2015 to £662m ($940m).The reduction of almost 8%, from the initial loss estimate for read the full article →

Storms Eva – Frank UK flood insured losses £526m ($770m): PERILS

The insurance and perhaps reinsurance industry loss due to UK flood damage caused by storms Eva & Frank in December and other low pressure systems in January, is estimated to have cost the industry £526 million ($770m or €685m), according to PERILS AG.The first estimate for the insured flooding losses read the full article →

Flood Re finalises £2.1bn retro reinsurance using ~40 counterparties

Flood Re, the UK's government-backed reinsurance scheme designed to make flood insurance more accessible to property owners, has successfully added another roughly £800m of cover to the £1.29 billion of retrocession it secured in 2015, to complete its £2.1 billion ($3.025bn) reinsurance program.As new risk coming to the market, the read the full article →

Storm Desmond UK floods insured loss $1bn+ (£717m): PERILS

The UK flooding caused by storm Desmond at the beginning of December is estimated to have caused £717 million ($1.035 billion or €950m) of insurance, and perhaps reinsurance, industry losses, according to PERILS AG.PERILS AG, provider of industry-wide European catastrophe exposure, industry loss data and indices, provides its first estimate read the full article →

ABI says UK flood insurance bill £1.3bn, but ILS funds reported exposed

The Association of British Insurers (ABI) has reported that the recent UK flooding will cost insurers at least £1.3 billion ($1.9 billion). At the same time the loss, at whatever its final level, has been reported to cause attritional loss to some ILS funds.The ABI's estimate is just for its read the full article →

UK storm & flood loss could near £2.5bn ($3.7bn), hours clause a factor

Insurance and reinsurance industry losses from UK winter storms and the resulting flooding that has been experienced in recent weeks could reach as much as £2.5 billion ($3.7bn), according to analysts at UBS, but the burden for the reinsurance market is uncertain with the hours clause a factor.UBS noted in read the full article →

UK storms Desmond & Eva loss estimate up to £1.2bn ($1.8bn): PwC

Consultancy PwC has raised its estimate for the insurance and reinsurance industry loss from flooding  and damage experienced in the UK from windstorms Desmond and Eva up to £1.2 billion ($1.8 billion), while storm Frank hitting the UK today will raise the toll further.Mohammad Khan, general insurance leader at PwC, read the full article →