Reinsurance

Insurance companies are prepared to help customers in dealing with thunderstorms and heavy rain that took place overnight into this morning, causing flooding in parts of South East England.

Firms are likely to experience an “ongoing, extremely challenging” environment because of low yields, the European Insurance and Occupational Pensions Authority (EIOPA) has said.

The British Insurance Brokers’ Association (BIBA) believes the sector would be better off remaining in the EU.

The number of insurance firms who have signed up to Flood Re has more than doubled since going out live on 4 April this year.

The only option to protect homes and businesses from the threat of flooding is to remove the government's political agenda from funding defences, according to the property policy adviser at the Association of British Insurers (ABI).

Floods caused by a series of storms last winter have generated more than 15,000 insurance claims for homes and businesses, the Association of British Insurers (ABI) has said.

The earthquake insurance penetration level remains “fairly low” in Japan despite its frequency for such disasters, according to Impact Forecasting, Aon Benfield’s catastrophe model development team.

General insurance firms are resilient against events that affect the market, according to a stress test conducted by the Prudential Regulation Authority (PRA).

Total global reinsurance capital stood at $565bn (£399bn) at 31 December 2015, down by 2% from 2014, as estimated by Aon Benfield.

Reinsurance scheme Flood Re has been authorised to operate by the Prudential Regulatory Authority and the Financial Conduct Authority with effect from today.