Weather disasters drive US $ 3.64 trillion in losses in 50 years: WMO data
The high costs of weather disasters around the globe is truly laid bare by the latest data from the World Meteorological Organization (WMO), which estimates that weather, climate and water related disasters drove some US$ 3.64 trillion in losses over the last 50 years. The WMO’s latest Atlas of Mortality and Economic Losses from Weather, […]
ILS fund returns dented by European floods in July: ILS Advisers
The average return of the insurance-linked securities (ILS) fund market was dented by the European flooding in July 2021, with some funds focused on private ILS and collateralized reinsurance contracts suffering losses from the event. For the month of July 2021, the average ILS fund return was 0.20%, according to the Eurekahedge ILS Advisers Index. […]
Hurricane Ida insured wind & storm surge losses seen at up to $25bn by AIR
AIR Worldwide has estimated that insurance and reinsurance industry losses to onshore property resulting from the wind and storm surge impacts of Hurricane Ida will be between $17 billion and $25 billion. This estimate from AIR compares to CoreLogic’s industry loss range of $14 billion to $21 billion, and Karen Clark & Company’s re/insured loss estimate […]
NFIP cat bonds & reinsurance in focus as Ida’s remnants flood New York
The remnants of hurricane Ida have continued to drop torrential rain along its path north east and its slow pace and heavy downpours have now flooded parts of New York, all of which is heightening the risk posed to FEMA’s catastrophe bonds and reinsurance tower for the National Flood Insurance Program. As we explained yesterday […]
Insurance industry experts discuss Hong Kong’s role in supporting the country’s “dual cycle” strategy through captive insurance and reinsurance
The Insurance Regulatory Authority (Insurance Regulatory Authority) today (September 1, 2021) held a panel discussion at the “Belt and Road” Summit Forum 1 to discuss how Hong Kong can leverage on the advantages of its exclusive self-insurance base and reinsurance hub, and consolidate its position in the “October” Under the “Fourth Five-Year Plan”, it has a strategic position as […]
Catastrophe bonds marked down on hurricane Ida threat
A number of catastrophe bonds have been marked down in end of month secondary market pricing sheets, with some of the anticipated names suffering declines of between 25% and 35% in value. After hurricane Ida’s devastating landfall with 150 mph winds in Louisiana on Sunday it was always anticipated that there would be a mark-to-market […]
Retailers need a wholesaler that understands capital markets (ILS): Amwins Sloop
Retail insurance market players need to work with wholesalers that understand insurance-linked securities (ILS), Amwins COO Ben Sloop has explained, suggesting that the access this can give them to efficient sources of reinsurance capital is vital. Amwins recently formally launched a new insurance-linked securities (ILS) partnership with Bermuda based ILS fund manager Integral Integral ILS […]
Cat bond & ILW activity help drive PERILS-based transaction limit higher
An increase in use of PERILS industry loss triggers in industry-loss warranty (ILW) transactions focused on European windstorm risk, plus the buoyant catastrophe bond market, have helped to drive PERILS-based limits at risk up 11% to US $3.2 billion, as of the end of August. PERILS AG, the Zurich-headquartered provide of catastrophe industry loss data […]
Indonesia launches US $500m risk pooling facility. Risk transfer a goal
The government of Indonesia has launched a new disaster risk pooling facility that will initially have more than US $500 million of capacity available to help pay for the economic costs of natural catastrophes and severe weather events, but with a future goal of transferring some or all of the risk to private insurance or […]
APAC reinsurers to continue targeting Insurance-Linked Securities: Fitch
Analysts at Fitch Ratings expect that reinsurers in the Asia Pacific market will continue to adopt alternative capital as a funding source through the insurance-linked securities (ILS) market. The rating agency forecasts additional issuance of catastrophe bonds in the coming months after the seven that were issued using Singapore-domiciled vehicles up to July 2021. Potential […]
