Flooding
UK Government will help out if Flood Re pot “runs out”
The UK insurance industry will not be responsible for recapitalising Flood Re in the event that it “runs out of money”, the Association of British Insurers has confirmed.
Losses from European floods could hit £4.5bn
Industry-wide insured losses on recent flooding in central and eastern Europe is expected to hit between $3.5bn (£2.4bn) and $4.5bn (£3bn), according to estimates by Swiss Re.
Flood Re deal will be 'credit positive' for P&C players, says Moody's
Ratings agency Moody’s claims that the memorandum of understanding between the Association of British Insurers and the government on introducing the Flood Re model will be credit positive for UK property and casualty insurers.
Losses from European floods could hit £3bn, says Swiss Re
Industry-wide insured losses on recent flooding in central and eastern Europe is expected to hit between $3.5bn (£2.4bn) and $4.5bn (£3bn), according to estimates by Swiss Re.
Oriental Insurance to lead flood-claims assessment in India
Oriental Insurance is thought to be assessing the claims arising from the devastating floods in Uttarakhand, on behalf of all four PSU general insurers, according to an industry source.
GIC Re launches hazard map after flooding “wake up call”
Devastating floods in the Indian state of Utterakhand has prompted Indian reinsurer GIC Re to unveil a new hazard map.
Government will step-in if Flood Re “runs out”
The insurance industry will not be responsible for recapitalising Flood Re in the event that it “runs out of money” following a one-in-200 year event, the Association of British Insurers has confirmed.
Low-levels of insurance could belie true cost of North-India flooding disaster
Uttarakhand now faces the challenge of settling the large number of claims likely to be filed in the wake of the devastating floods.
Post Audio Supplement - 4 July 2013
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Efra report calls for further funding for flood defences
The government has been urged to further increase spending on flood defences by £20m per year for the next 25 years in order to keep pace with escalating risks caused by severe weather patterns.
German floods to cost industry €2bn
Claims from last month's flooding in Germany alone are expected to cost insurers nearly €2bn, German trade association GDV said on Tuesday.
Insurers welcome Flood Re but call for clarity over liability
Insurers’ agreement to the terms of the Statement of Principles for another two years will provide the Association of British Insurers and government enough time to resolve outstanding issues around the implementation of Flood Re, according to the trade…
Editor's comment: Flood Re: worth the wait?
When something is worth waiting for, the anticipation can make the reward even sweeter.
Interview: Anne McIntosh: Making waves
As chair of the Environment, Food and Rural Affairs Select Committee, MP Anne McIntosh has been at the forefront of the struggle to find a flood risk solution. Despite success on that front looking within reach, she tells Post the hard work is not over…
View from the Top: A step closer to easing flood pain
Flood Re will help resolve the flood problem but insurers and government must still do more.
Dutch insurers urged to offer risk-based flood cover
Dutch insurers must accept the rejection of a proposed compulsory flood scheme and start offering flood cover on a voluntary basis, according to Neerlandse co-founder Rogier van der Kooy Versteeg.
Repair firm warns on Flood Re start date “grey area”
Damage restoration specialist Richfords Fire and Flood has warned that a new agreement on flood cover is not due to come into effect until 2015, with a “grey area” in the interim.
Willis Re encouraged by Flood Re government liability and excesses pledge
Proposed pool will not impose a significant administrative burden on insurance businesses nor undermine the commercial environment according to Willis Re.
Flood Re: It's here and it looks good
The long wait for a deal between the insurance industry and the government on a viable flood insurance scheme is over but the wait has been worth it.
Government responds to Water Bill draft
The government has issued a response to the Environment, Food and Rural Affairs Committee’s pre-legislative scrutiny of the draft Water Bill.
Deloitte and PwC welcome flood decision
Deloitte and PwC agree today’s agreement will benefit households at a high risk of flooding.
Insurers back “first step” Flood Re announcement
The UK’s largest general insurers have expressed delight at the announcement of a deal on flooding cover for UK homes.
Property industry supports ‘long-awaited’ universal flood solution
The British Property Federation has welcomed the universal flood cover that the confirmation of a flood agreement between the insurance industry and government will bring.