Reask plans US and model coverage expansion, additional funding raised
Reask, a tech company that provides catastrophe modelling, climate analytics and data using machine learning techniques and artificial intelligence, is set to expand to the United States and will use the now $6.55 million seed funding it has accumulated, as it looks to expand its extreme weather modelling services. Reask has raised another $4.6 million […]
Tight cat bond capacity drove simultaneous issuance of Chile cat swaps: World Bank
The fact capacity and capital was tight in the catastrophe bond market at the time of the issuance of the $350 million of IBRD – Chile 2023 cat bond notes drove the World Bank team to look to traditional re/insurers and the issuance of simultaneous catastrophe swaps, resulting in much stronger execution for Chile. Back in […]
Global Shield Solutions Platform launched as financing vehicle to address climate change
The Global Shield Solutions Platform (GSSP), a new multi-donor grant facility and one of the core financing vehicles of the Global Shield, has officially been launched to help vulnerable countries effectively address loss and damage exacerbated by climate change. Launched at the InsuResilience Global Partnership Annual Forum on June 9th, held at the Gustav-Stresemann-Institute in […]
Star Group weather derivative pays out again on warm 2023 winter
US energy company Star Group (formerly Star Gas Partners) has benefitted from its weather derivative arrangements again in the first-quarter of 2023, recording a full recovery under the terms of the degree day contract it has in place. Star Group has been utilising weather derivatives to hedge risk for well over a decade, benefiting from […]
Bloomberg: Hong Kong’s catastrophe bond market can reach $2 billion by 2025
Hong Kong’s catastrophe bond market may grow to $2 billion by 2025, accounting for 4-5% of global cat bonds, according to a poll conducted at Bloomberg’s Insurance Forum. Authorities recently extended a grant program in a bid promote the city as a regional hub for insurance-linked securities, a $40 billion market dominated by Bermuda. FULL […]
PCRIC Congratulates its ILS Specialists
PCRIC is pleased to announce that two of its team members, Mr. Pankaj Singh (Finance & Planning Manager) and Mr. Richard Poulter (Actuarial Specialist) have successfully completed a seven-week course on the fundamentals of Insurance Linked Securities (ILS), run by Phoenix CRetro Ltd London in partnership with various professional bodies and educational institutions worldwide. The course provided the participants with an in-depth understanding […]
Jamaica promotes regional Caribbean catastrophe bond idea to other nations
The government of Jamaica is keen to share its experience as a catastrophe bond sponsor and wants to encourage other nations in the region to consider joining it in sponsoring a Caribbean catastrophe bond, to cover multiple countries, a report states. According to a story from Barbados Today, Jamaica’s Minister of Finance Nigel Clarke has […]
Philippines targets indemnity cover, over cat bonds, for infrastructure: Report
The government of the Philippines is reported to be back seeking indemnity insurance protection for critical infrastructure and this is said to be being pursued instead of a renewal of its World Bank catastrophe bond, according to Bloomberg. As a reminder, the Philippines government had a World Bank issued IBRD CAR 123-124 catastrophe bond that provided […]
World Bank “extremely pleased” with investor response to Chile cat bond: Jorge Familiar, Treasurer
The World Bank is “extremely pleased” with the response from investors and reinsurance markets to the recent placement of $630 million of catastrophe bonds and catastrophe swaps to protect Chile, Jorge Familiar, Vice President and Treasurer told us in our latest Artemis Live video. Jorge Familiar of the World Bank joined us in March 2023 for […]
Significant scope for public sector cat bond market development, says DBRS Morningstar
For low and middle income countries with an elevated exposure to natural disasters, catastrophe bonds can be a useful tool for financial planning, but the public sector side of the market needs to grow in order for governments to fully realise the potential benefits, according to analysts at DBRS Morningstar. The potential fiscal cost of […]
