Loss aggregator Perils has disclosed a third industry loss estimate of €1.58bn ($1.67bn) for the flooding that impacted parts of southern Germany between 31 May and 6 June 2024.
Flood
Estimated insured losses from natural catastrophes are on track to exceed $135bn in 2024, the fifth consecutive year insured losses have passed the $100bn mark, according to Swiss Re Institute.
Parametric Insurer investigates the data sources and coverage structures that have been used for index-based flood coverage, widely seen as a growth area for the parametric insurance market.
The National Flood Insurance Program (NFIP) has already paid out over $1.4bn in losses stemming from Hurricane Helene as it works to process the more than 56,000 claims that have been filed since the storm made landfall in late September.
Parametric MGA FloodFlash has paid claims after heavy rainfall from Storm Bert hit the UK in recent days.
Storm Bert, which hit the UK and Ireland over the weekend, has triggered a 60 percent surge in insurance claims, although its impact is more localised than previous storms, according to claims management provider Sedgwick.
Aon has marked the end of an 18-month certification process with the launch of its Florida Flood v3.0 model at a time of great opportunity in the US flood insurance space. Sustainable Insurer talks to Dan Rees, director of US flood model development at Aon, to find out the motivations behind the updated model.
While recent floods in Spain's Valencia and Malaga regions have caused damage totalling several billion euros, insurers have been shielded by the country's state-backed disaster backstop, highlighting the role such initiatives can play in the event of major losses.
The city of Isleton in California is set to approve the purchase of a parametric flood insurance policy from FloodFlash underwritten by Munich Re at a meeting on Wednesday 20 November,
The Mississippi River Cities and Towns Initiative (MRCTI) has announced a parametric insurance coverage pilot over the Mississippi River Corridor in partnership with Munich Re.
An atmospheric river that caused widespread flooding along the southern British Columbia coastline in Canada between 18 and 20 October has generated insured damages of over C$110mn ($78mn), according to Catastrophe Indices Qualification and Quantification (CatIQ).
An analysis from Neptune Flood has shown that the National Flood Insurance Program’s losses this year could top $10bn.
Annex has secured Lloyd’s coverholder status in a move that will allow the flood-focused insurtech MGA to bring a new surplus lines private flood offering for residential properties to market.
Two parametric insurance initiatives have been awarded grants from Virginia’s Department of Housing and Community Development to strengthen flood resilience in the southwest of the state.
An Insurance Development Forum (IDF) project to strengthen the financial resilience of flood-prone communities in Ghana has delivered two parametric insurance products.
