flooding

FloodFlash, a flood risk focused insurtech company that offers an innovative sensor-based approach to parametric flood insurance, has revealed paying a claim for a client in just over 10 hours after UK flooding from Storm Bert breached the parametric trigger for the policy.

Due to severe weather, the Summer of 2024 now ranks as the most destructive season in Canadian history for insured losses at more than CAD 7 billion, as per initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ).

FloodFlash, a flood risk focused insurtech company that offers an innovative sensor-based approach to parametric flood insurance, has secured capacity support from reinsurance giant Munich Re’s Specialty division to enable it to expand its parametric flood product across America.

FloodFlash, a flood risk focused insurtech company that offers an innovative sensor-based approach to parametric flood insurance, said that the current UK floods that have occurred after days of storms and heavy rainfall have seen waters rise to hit the parametric triggers for some of its policies.

Recent severe inland flooding across the United States, including the Kentucky floods that have devastated many communities, are not expected to result in losses that would trouble the National Flood Insurance Program’s (NFIP) reinsurance or catastrophe bonds.

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.

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.

The Chinese government via its regulator has urged its insurance and reinsurance industry to focus on developing new products for disaster risk transfer and to help in covering more of the natural catastrophe risk in the country, given the current evident protection gap that exists.

The recent severe flooding in China’s Henan province is expected to result in the largest catastrophe insured losses in history for the country, clearly demonstrating the need for more reinsurance protection, as well as faster roll-out of primary covers.

Catastrophe risk modeller AIR Worldwide is in close agreement with the German insurers association, in saying that it expects the insurance and reinsurance market will face close to EUR 5 billion of losses from flooding that hit the country recently.