flooding

The ongoing and historic flooding across Europe is very unlikely to have an impact on the catastrophe bond market and insurance or reinsurance market losses will only be a fraction of the overall economic impact, showing the evident flood risk protection gap and the opportunity for cat bonds to help close it, according to Plenum […]

Severe flooding across a number of countries in Europe looks set to become one of the most expensive flood episodes on record, with the insurance and reinsurance industry expecting billion Euro industry losses.

Global investment firm Franklin Templeton has released a new report that examines the growing role of insurance-linked securities (ILS) in alleviating flood risk, particularly in the US where the financial burden on FEMA and the Treasury seems to be increasing every year.

Research performed by global reinsurance broker and risk capital advisory TigerRisk Partners finds that the phenomena of hurricane stalling over land has not become more frequent, but the dollar value of damages caused are rising as exposures increase.

The major Japanese insurance firms are set to payout record levels of claims following wind and water related natural disasters in the country in 2018, with as much as $8.8 billion of losses expected just for the top three firms.

The July flooding in Japan caused by extreme levels of rainfall has now resulted in almost $1.5 billion of insurance claims paid, according to the latest figures from the General Insurance Association of Japan (GIAJ).

The recent flooding in Japan caused by extreme levels of rainfall could result in an insurance and reinsurance industry loss as high as $4 billion, according to catastrophe risk modeller AIR Worldwide.

The losses suffered by Japanese insurance firms after the extreme rainfall and flooding in July are rising into the billions of dollars, with leading companies having reported their losses recently and claims already paid having surpassed $715 million.

Severe droughts, wildfires and flooding from torrential rain and typhoons have combined to cause in excess of $7 billion of economic losses in July 2018, with the insurance and reinsurance industry set to pay its share of the global bill.

The recent devastating flooding in Japan which is now reported to have caused at least 200 deaths and the flooding of thousands of homes and commercial properties is expected to cause industry losses in the billions of U.S. dollars, according to reinsurance broker JLT Re.