ILS Asia 2023: Education still critical in relatively untapped region
Yesterday’s Artemis ILS Asia 2023 conference marked our first in-person return to Singapore and the Asian region since 2019 and while there are marked differences in the conversation surrounding insurance-linked securities (ILS) and the use of reinsurance capital, it is clear the region remains relatively untapped, on both an investment and risk basis. It has been […]
Alternative reinsurance capital grows to new $100bn high: Aon
Catastrophes and natural disasters in the Asia Pacific (APAC) region amounted to a total economic loss of $80 bn. A substantial protection gap (the difference between total economic losses and what’s covered by insurance) of 86% meant many disaster losses were uninsured, according to Aon’s Weather, Climate and Catastrophe Insight Report. Contents: APAC Natural Disaster Economic Losses Summary […]
Aon places parametric cover for Puerto Rico designed to lower FEMA insurance obligation
Global insurance and reinsurance broker Aon has completed a hurricane and earthquake parametric insurance program for the Government of Puerto Rico, designed to lower the region’s insurance obligation to the U.S. Federal Emergency Management Agency (FEMA). This “historic” parametric program provides the island with diversified hurricane and earthquakes protection, and is the single largest government-sponsored […]
Turkey earthquake industry insured loss estimated at $5bn by CRESTA
The insurance and reinsurance industry loss estimate for the Kahramanmaras Earthquake Sequence that struck Turkey and Syria in February 2023 has been pegged at $5 billion by CRESTA, making it the largest international insured catastrophe loss event of 2023 so far. Remember that CRESTA does not cover catastrophe industry losses in the United States, hence […]
CCRIF members get EU subsidy to help with 2023 premiums
The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has announced a further US $4.7 million in funding from the European Union which will help to subsidise the parametric disaster insurance of its member countries through the 2023 policy year. With the latest US $4.7 million to support the 12 ODA-eligible Caribbean […]
86% of catastrophe and natural disaster losses in APAC uninsured in 2022: Aon
Insurance and reinsurance broker Aon’s recently published Weather, Climate and Catastrophe Report: Asia Pacific Insights, identifies global natural disaster and climate trends in the region, highlighting a large protection gap in the region. The report reveals that natural disasters in the Asia Pacific (APAC) region in 2022 caused $80 billion in economic losses, of which […]
86% of catastrophe and natural disaster losses in APAC uninsured in 2022: Aon
Insurance and reinsurance broker Aon’s recently published Weather, Climate and Catastrophe Report: Asia Pacific Insights, identifies global natural disaster and climate trends in the region, highlighting a large protection gap in the region. The report reveals that natural disasters in the Asia Pacific (APAC) region in 2022 caused $80 billion in economic losses, of which […]
An Italian cat bond “would be snapped up”, says Tenax Capital’s Figna
Speaking to a local Italian daily newspaper, Massimo Figna, founder and CEO of hedge fund manager Tenax Capital, explained that with insurance penetration extremely low, Italy would benefit from the use of catastrophe bonds, which he believes investors would “snap up.” Tenax Capital is a London-based investment manager that Figna founded and it offers a […]
World Bank to build on catastrophe insurance solutions such as cat bonds
The World Bank Group said today that it intends to build on its already available catastrophe insurance solutions, such as catastrophe bonds, to make access to disaster risk financing without adding debt a reality for member countries. In announcing a new and comprehensive toolkit focused on supporting countries after natural disasters, the World Bank highlights […]
Jamaica to renew catastrophe bond. Seeing interest in regional cat bond: Report
The Finance Minister of Jamaica Nigel Clarke has told Reuters that his country intends to renew its catastrophe bond coverage when it reaches maturity at the end of this year and will do so as a stand-alone cat bond for Jamaica, or as a regional Caribbean wide one if others want to participate. As we’ve […]
