Lloyds Calls for USA to End National Flood Insurance Program
Major insurer calls for an end to government subsidies that encourage expensive house-building schemes in areas of the US at high risk of floods and storms, by Kieran Cooke for…
Insurance & Finance
Flood Insurance
UK Winter Floods to Cost Insurers $2 Billion in Pay-Outs
The Association of British Insurers estimates that flood damage from the winter storms of 2015 to 2016 has resulted in claims for more than 15,000 homes and businesses and is…
Aon Enhances Poland Flood Model as Insurance Demand Increases
Impact Forecasting, Aon Benfield’s catastrophe model development team, has launched a new version of its catastrophe model to enhance understanding the financial impact of floods in Poland. Petra von Seydlitz,…
Flood Re Launches to Bring Affordable Flood Insurance to UK
Flood Re, the new flood insurance scheme for homeowners in the UK, launches today, Monday 04 April, 2016. The Association of British Insurers (ABI) describe Flood Re as a “world-first…
PERILS Reduces Loss Estimate to £662M for Floods from UK’s Storm Desmond
PERILS AG has today disclosed its second loss estimate for the floods in the UK from 04 to 24 December, 2015, following storm Desmond. The revised estimate of the property…
UK Floods – Flood Re Sets Out Transition Plan
Flood Re, the body set up by the UK government and the insurance industry to reduce the cost of cover in flood-prone areas of the UK is set to launch…
Report: Surface Water Flooding to Increase Sharply, Putting the Success of Flood Re into Question
The Flood Re insurance scheme will fail to reduce flood risk and the number of London households eligible for the scheme could increase by up to 75% during its lifespan,…
Flagship Plan To Rescue Flood-Hit Home Owners Already Looks Out Of Its Depth
The Environment Agency still had 25 “red” flood warnings and 140 “yellow” flood alerts in force across the UK on Monday (11 January, 2016). This comes as the Association of…
UK and Ireland Floods to Cost Zurich Insurance $275m
Zurich Insurance Group (Zurich) announced today that, based on preliminary estimates, it expects aggregate losses of approximately USD 275 million related to storms Desmond, Eva and Frank in the UK…
Insured Losses from December Storms and Floods in US and UK to Exceed $4.2 Billion
In their Global Catastrophe Recap report for this month, Aon Benfield say that total insured losses from the severe weather events at the end of December in the US and…
US Contributes $30 Million to Climate Risk Insurance for Small Island States
PARIS, Dec 1 (Thomson Reuters Foundation) – The United States will contribute $30 million to climate risk insurance schemes in the Pacific, Central America and Africa, President Barack Obama announced…
Canada Flood Insurance Now Available from RSA, Aviva and The Co-operators
Three of the largest insurance companies in Canada have launched flood insurance products in Canada this year. RSA Canada is set to introduce insurance cover for overland flooding and sewer…
Hiscox Sets Aside €5 million for October Floods in France
Earlier today, Hiscox, the international specialist insurer, issued its Interim Management Statement for the first nine months of the year to 30 September 2015. The statement said that Hiscox had…
Insurance Data Suggests Damage from Climate-Related Events on the Increase
Analysis of insurance data convinces environmental economists that climate change is pushing up the cost of dealing with the disastrous effects of extreme weather events, reports Tim Radford for Climate…
Swiss Re – Increase in Natural Disasters Leaves World’s Property Underinsured
Swiss Re, one of the world’s leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer, has called for co-ordinated efforts to tackle the shortfall in property…
Dominica Floods – Caribbean Catastrophe Risk Insurance Facility Pays US$2.4 million
Dominica will receive a payment of EC$6.5 million (approximately US$2.4 million) from the risk insurance facility for Eastern Caribbean states after the devastating storm and floods that struck in August…
