flood

Globally, insurance and reinsurance market losses from flooding have accelerated significantly, with a doubling in the total in a decade to reach US $80 billion over the 2011 to 2020 period, but then another acceleration into 2021 when they reached $20 billion alone.

Specialist flood risk modeller Fathom, and Reask, a climate analytics firm that leverages machine learning techniques, have partnered to create new, combined wind and flood risk models for re/insurers, banks, and ESG-focused investors. Initially, this collaboration will see each company permitted to sell the other’s products and services to both new and existing clients. However, […]

Perhaps not an unexpected conclusion from a study on global flood risk, but the latest update to insurance and reinsurance broking group parent Marsh McLennan’s Flood Risk Index shows a dramatic increase in values-at-risk of flooding is possible with climate change.

Insurance and reinsurance broker Aon is embedding climate change considerations into its Impact Forecasting flood catastrophe risk models for Europe, thanks to a collaboration with the Karlsruhe Institute of Technology (KIT).

Flood losses suffered by two insurance brands owned by Rand Merchant Investment Holdings, the South African based financial services investment holding company, are all expected to be covered by the reinsurance programs of subsidiaries OUTsurance and Youi, the company has said.

Global reinsurer Munich Re has collaborated with parametric insurance platform, Raincoat and Cloud to Street (C2S), a climate adaptation technology firm, on the delivery of a country-level flood parametric program for smallholder farmers across Colombia.

Global insurance and reinsurance group Allianz confirmed that the severe flooding in Europe in July has resulted in a €400 million operating profit impact to its results this morning, suggesting around €700 million of flood losses were recovered from its reinsurance partners.

Global insurance and reinsurance group Allianz has lifted its estimate for gross losses from storm Bernd’s impacts in Europe and the severe flooding that struck the region by 22% to €1.1 billion.

Global reinsurance giant Swiss Re has provided preliminary estimates for its losses from two of the major catastrophe events of the summer months, while it says the industry loss from hurricane Ida is estimated at between $28 billion and $30 billion, while Europe’s flooding is estimated as a $12 billion industry loss.

Insurance and reinsurance market losses from July’s severe flooding in Germany are now expected to reach as high as €7 billion (around US $8.3bn), according to the chief of the country’s insurance association.