Floods News

Insured Property Loss from UK Storms Eva & Frank Estimated at $767.7M: PERILS

The initial estimate of the insured property market loss for UK flood damage during the period from Dec. 25, 2015 to Jan. 14, is £526 million ($767.7 million), according to PERILS, the independent Zurich-based organization providing industry-wide catastrophe insurance data. …

UK’s Flood Re Secures $3B Reinsurance Program; Scheme to Launch in April

Flood Re, the UK’s new flood reinsurance scheme, has successfully secured a £2.1 billion ($3 billion) multi-year reinsurance program. Flood Re, based in London, will begin operating in April. In an oversubscribed second phase of the tender process, Flood Re …

Willis Re Joins with Tech Firm, Measure, to Raise Drone Usage for Insurers

Willis Re, the reinsurance business of Willis Towers Watson, announced a strategic partnership with technology company Measure to advance the use of drones within the insurance industry and bring the latest drone technology to Willis Re clients. The integration of …

Alaska’s M7.1 Quake Puts Focus on State’s Emergency Preparedness

A magnitude 7.1 earthquake in Alaska’s most populous region has renewed focus on the state’s readiness to deal with a natural disaster. And it’s not just earthquakes that pose a danger across the vast state but also wildfires, floods, landslides …

Zurich Names Generali’s Greco as CEO, with Task of Driving Turnaround

Zurich Insurance Group AG hired Assicurazioni Generali SpA’s Mario Greco as chief executive officer, giving him the task of turning around the company, after losses in its general insurance business forced the Swiss insurer to abandon a takeover bid. Greco, 56, will start …

Supply Chains Thwart Climate Risk Management for 75 Major Companies: Report

Goldman Sachs Group Inc., Coca-Cola Co. and 73 other companies that together buy more than $2 trillion of goods and services are unprepared for climate shocks because suppliers are ignoring requests for data on their exposure to rising temperatures and climate regulation. Almost half …

Zurich’s Ratings Remain Unchanged Despite Projected Q4 2015 Losses: A.M. Best

The financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” of Zurich Insurance Co. Ltd. (ZIC) and its rated affiliates are unchanged, following Zurich Insurance Group’s preliminary update on the performance of its general insurance business, …

Update: Zurich Insurance Group Expects Q4 2015 Loss in General Insurance

Zurich Insurance Group AG fell to the lowest in more than three years after Switzerland’s biggest insurer put shareholders on notice that it expects a second straight quarterly loss in its general insurance business. Operating losses in the non-life unit will probably amount to …

Insured Losses from U.K. Storm Desmond Estimated at $1.1 Billion: PERILS

The initial estimate of the insured property market loss for flood damage caused by storm Desmond during Dec. 4-24, 2015 is £717 million ($1 billion), while windstorm losses from the event are estimated at £42 million ($59.3 million), according to …

Insured Nat Cat Losses 31% Below Average During 2015: Aon Benfield Report

Global natural disasters in 2015 caused a combined total insured loss of $35 billion – 31 percent below the 15-year average of $51 billion and the lowest annual insured loss total since 2009, said a report issued by Impact Forecasting, …