Flood Re ratings raised to A with S&P increasingly confident about schemeFlood Re’s profits in the past year despite a number of loss events has led S&P Global Ratings to upgrade the UK scheme’s ratings.
Senate passes one-year NFIP reauthorisationThe US Senate has passed a one-year extension of the National Flood Insurance Program (NFIP) as part of government funding legislation that now awaits President Donald Trump’s signature.
Are we in for another record-breaking year?In the midst of the 2020 Atlantic hurricane season, Pete Dailey, vice president at RMS compares and contrasts 2005, perhaps the most memorable Atlantic season in recorded history, to 2020.
US House passes bill that would extend NFIP for a yearThe US House of Representatives has passed a measure to extend the National Flood Insurance Program (NFIP) through the end of September 2021 as part of government funding legislation, with the focus now turning to the Senate.
NFIP’s cat bonds and reinsurers exposed to Sally losses: AM BestHurricane Sally is unlikely to be a major insurance loss for the private market because it is more of a flood event covered by the National Flood Insurance Program (NFIP), but the federal backstop’s cat bonds and reinsurers are potentially exposed, AM Best has commented.
NFIP extension expected in continuing resolution as expiration looms againInsurance trade associations are urging Congress to reauthorise the National Flood Insurance Program (NFIP) ahead of its 30 September lapse, with a short-term extension expected to be included in a continuing resolution to keep federal agencies open.
Neptune Flood adds residential condo coverage with Axa XL and Lloyd’sAI-driven MGU Neptune Flood has expanded its product suite to cover all the product types currently offered by the National Flood Insurance Program (NFIP) by adding residential condo insurance as well as policies for apartment buildings, co-ops, hotels, motels and inns.
Perils increases February UK floods loss estimate 26% to £375mnLoss data aggregation service Perils has updated its estimate for insured property losses for February 2020 UK floods to £375mn, up from its £297mn estimate in early April.
US flood insurance confusion laid bare by new Neptune and USF studyA new survey has laid bare the stark misconceptions that many US homeowners and renters have about their exposure to flood risk, as well as the options available to them to mitigate the peril.
Midland homeowners flood damages “certainly” above $1bn, but most uninsuredHomeowners losses caused by floods that swept through central Michigan last month after two dams failed will be uninsured, according to a high profile trial attorney who has also claimed damages from the event will “certainly exceed a billion dollars”.
ICA pegs summer cats at $3.4bnInsured losses across Australia stemming from summer catastrophe events now stands at A$5.1bn ($3.39bn), according to the Insurance Council of Australia (ICA).
Insurers face possible Dow Chemical claim after Michigan facility floodsInsurers including HDI, Scor, Zurich and Starr Tech will be closely monitoring developments in Midland, Michigan after flooding from burst dams threatened to inundate The Dow Chemical Company’s facility.
Guy Carpenter launches probabilistic Philippines Flood ModelGuy Carpenter has launched a countrywide flood model for the Philippines, enabling insurers to assess flood exposure, one of the most frequent natural hazards in the region.
Blanc to lead UK government flood insurance reviewThe UK government has launched a review into why insufficient flood cover was in place ahead of the November 2019 floods and to establish actions for future events, spearheaded by industry executive Amanda Blanc.
NFIP offers fourfold extension on renewal grace period over Covid-19The Federal Emergency Management Agency (Fema) has extended the grace period to renew flood insurance policies under the National Flood Insurance Program (NFIP) from 30 to 120 days, applicable to contracts that expire between 13 February and 15 June 2020.
Perils ups Townsville flood losses to A$1.24bnLoss aggregation firm Perils has increased its estimate of insured losses stemming from Australia’s Townsville floods in January and February last year to A$1.24bn ($832.2mn), the highest insured flood loss since the Brisbane Floods in 2011.
Insured cat losses fall 34% to $53bn in 2019: Willis ReInsured damages from major natural catastrophes in 2019 totalled $53bn, 34 percent lower than the $80.5bn loss figure recorded a year earlier, according to the latest catastrophe report from Willis Re.
Cost of $1.33bn traditional NFIP reinsurance climbs 10%The Federal Emergency Management Agency (Fema) paid just over 10 percent more for the traditional reinsurance placement bought on behalf of the National Flood Insurance Program (NFIP) at 1.1 despite securing less limit on the lower layer of the cover.
Seven-year Tria reauthorisation passed by CongressThe US Senate has approved a spending package that includes reauthorisations of the terrorism insurance backstop and the National Flood Insurance Program (NFIP), with the bill now heading to President Donald Trump’s desk to be signed into law.
Is Santa Claus coming to Washington?US insurers will soon find out whether they have been naughty or nice when the US Senate decides if it will deliver a veritable wish list of legislation benefiting insurers, including what would represent a stunningly early renewal of the terrorism insurance backstop.