flood

This year’s severe flooding that affected the Auckland region of the North Island of New Zealand is initially estimated to have caused an insurance and reinsurance market loss of around NZ $1.65 billion, according to PERILS AG.

Thanks to the use of high-resolution data inputs and observations, the parametric trigger for a newly structured New York City neighbourhood parametric flood insurance pilot comes with reduced basis risk, ICEYE has explained.

Reinsurance firm Swiss Re, broker Guy Carpenter and insurtech ICEYE are all engaged in delivering a pilot parametric community flood insurance scheme for New York City neighbourhoods.

Australian insurer IAG has reported its first-half results for the 2023 fiscal year, which runs to the end of June and has updated on its experience with the recent New Zealand floods, after which it now expects to have eroded roughly 73% of the deductible sitting beneath its aggregate reinsurance.

Australian insurance giant IAG has revealed that it anticipates at least a $114 million reinsurance recovery to help it pay claims from the recent severe flooding that struck the New Zealand city of Auckland.

Australian insurance giants Suncorp and IAG have both warned of impending losses from the severe flooding that has affected the Auckland area of New Zealand in recent days, with the pair highlighting their reinsurance arrangements and the potential for claims from the event to be significant.

The insurance and reinsurance industry loss estimate for the outbreak of severe flooding that affected parts of southeastern Australia during the month of October 2022, has been raised by 6% to AU $840 million, by catastrophe data aggregator PERILS.

Moody’s RMS, the catastrophe risk modelling specialist, has estimated that the recent severe flooding in California, that was triggered by a spate of storms and atmospheric river events, could amount to as much as $1.5 billion in losses for the insurance industry.

The outbreak of severe flooding that affected parts of southeastern Australia during the month of October 2022 has been estimated as a roughly AU $791 million insurance industry loss by catastrophe data aggregator PERILS.

Driving home the escalating costs of flooding in Australia, the Insurance Council has released data that shows the country has suffered AU $8.8 billion of insured losses from floods just since 2019, while insured losses from the flooding earlier this year continue to creep higher.