flooding

Two investment managers of reinsurance-linked investment funds have announced that while the recent flooding in Europe could become one of the most expensive insured loss events in the region, they do not expect it to have any impact on the performance of their funds, at this time.

While the U.S. east coast has been experiencing temperatures much higher than normal, severe storms have caused damage in Virginia, wildfires raged in Colorado and drought struck other areas of the U.S., the UK has been experiencing the wettest start to summer in many years. Breaking climate records seems to be a regular thing around […]

Governments should seek to avoid becoming the insurers of last resort when disaster strikes by choosing to buy protection through ex-ante risk financing mechanisms offered by the insurance and reinsurance markets. Despite a trend towards more catastrophe insurance coverage, the increasing uptake is not keeping pace with the growing amount of uninsured losses and this […]

Earlier this week we wrote that the Caribbean Catastrophe Risk Insurance Facility (CCRIF), the catastrophe risk pooling facility who provide parametric based disaster insurance cover to Caribbean countries, had finalised their renewals for the 2012-2013 policy year. All 16 of their member countries renewed their hurricane and earthquake cover and now the CCRIF are actively […]

The Caribbean Catastrophe Risk Insurance Facility (CCRIF), the non-profit multi-country catastrophe risk pooling facility who provide parametric based disaster insurance cover to Caribbean countries, have announced that all 16 of their member countries have renewed their policies for the 2012-2013 year. Cover provided by the CCRIF since 2007 includes hurricane and earthquake cover, both of […]

Lack of investment in coast defences combined with a changing climate means that the average annual cost of flooding in England and Wales has risen to £1 billion according to a report referenced in the Independent newspaper. Over the next 30 years the cost of flood events in the UK will continue to rise as […]

Insurance brokers Marsh and Guy Carpenter have jointly announced a new initiative called Project Noah which will launch in mid-2012. Project Noah promises to be a UK flood risk reinsurance pool which will enable home insurance in flood-prone areas to be more widely available and fairly priced by ensuring that reinsurance capacity is available for […]

Given the extent of the losses experienced from last years flooding in Thailand the country can no longer be considered catastrophe-remote said ratings agency Standard & Poor’s in a report published last week. That’s a pretty big deal as it shows the increasing influence that Asian markets are destined to have on the insurance and […]

The Caribbean Catastrophe Risk Insurance Facility (CCRIF), the non-profit multi-country risk pooling facility who provide parametric disaster cover to Caribbean countries, will be launching its long-awaited excess rainfall product in June according to an article in Business News Americas. The development of the parametric rainfall insurance policy was delayed due to technical issues and a […]

Estimates for the insured loss total from the flooding in Thailand are still confused and it’s likely to be some time before an accurate figure can be quoted. It seems that the figure we quoted of a $20 billion insured loss from a report by A.M. Best is likely to be too high, but other […]