Flood Re News

UK Plans to Spend $6.6 Billion on Building Flood Defenses Through 2027

Prime Minister Boris Johnson proposed 5.2 billion pounds ($6.6 billion) of spending on flood defenses through 2027 as his government seeks to protect hundreds of thousands of British homes. Under the plan, billed as “the most comprehensive in a decade,” …

UK Insurers Could See Underwriting Losses After Storms Ciara, Dennis: Fitch

Losses from storms Ciara and Dennis, which brought strong winds, torrential rain and widespread flooding to the UK, will increase pressure on UK household insurers’ profits in 2020, said Fitch Ratings. While the claims are unlikely to exceed £500 million …

Private Flood Insurers Not Yet Ready to Fill Massive U.S. Protection Gap

The flood insurance protection gap in the United States is massive, but the take-up rate of private flood insurance continues to be low. The relative inability of private insurers to penetrate the flood insurance market has been blamed on the …

UK Insurers Aviva and RSA Report Higher H1 Profits, Shrug Off Brexit Fallout

Insurers Aviva Plc and RSA Insurance Group Plc shrugged off any fallout from the Brexit referendum by reporting higher first-half profit and increasing shareholder payouts. The shares rallied in London trading. Aviva, the U.K.’s second-largest insurer, posted a 13 percent …

Flood Damage from UK’s Winter Storms to Cost Insurers $2 Billion: ABI

Flood damage in Britain from winter storms has resulted in claims for more than 15,000 homes and businesses and is likely to lead to pay-outs of 1.3 billion pounds ($1.9 billion), the Association of British Insurers estimates. Three winter storms …

UK’s Flood Re Launches to Bring Affordable Flood Cover to Homeowners

The U.K.’s new joint industry and government sponsored reinsurance scheme for flood risk began operating today (April 4). Designed to help provide access to affordable flood insurance cover for households at the highest risk, Flood Re expects up to 350,000 …

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 …

Tighter Construction Rules Would Help Minimize U.K.’s Flood Damage: Report

Tighter construction restrictions and incentives to build outside flood-prone areas would minimize damage to the U.K. economy from heavy rain and rising water levels, according to the Centre for Economic Performance. Thousands of families across northern England and Scotland have …

Flood Claims to Hit U.K. Insurers’ 2015 Earnings: A.M. Best

Flooding in the final month of 2015 will put pressure on the earnings of U.K. property insurers, according to a briefing published by A.M. Best. Initial estimates of combined insured losses from Storm Desmond, which hit the United Kingdom on …

Storm Frank Batters North Britain; Total Storm Losses Could Top $4.5 Billion

Torrential rain and gale force winds battered northern Britain on Wednesday, cutting power to thousands of homes and forcing some to evacuate flooded streets in the third major storm in a month. The Environment Agency said Britain had faced an …