Archive for June, 2017

RMS, the global risk modelling and analytics firm, has launched RMS RiskAssessor™ 2.0, the re/insurance and insurance-linked securities (ILS) industries’ first “auditable custom vulnerability modeling solution” for hurricane risk.

The UK’s Prudential Regulation Authority unit of the Bank of England has sent yet another warning to insurance and reinsurance CEO’s on the need to remain disciplined on price, especially while prices continue to soften, and that the alternative market continues to pressure rates, particularly in property catastrophe risks.

Global law firm Mayer Brown has hired Jay Kallas, a lawyer with experience in catastrophe bonds, collateralized reinsurance and other capital market-related areas of risk transfer, as counsel in its Global Insurance Industry Group and Corporate & Securities.

Growth in insurance-linked securities (ILS) and reinsurance linked assets under management slowed at U.S. mutual fund manager Stone Ridge Asset Management during its last reported quarter, with its net ILS assets increasing by just 4% to $5.7 billion by the end of April.

In response to more unpredictable outbreaks of adverse weather events and conditions in Korea, the Korea Meteorological Administration (KMA) has called on the Korea Insurance Development Institute (KIDI) to expand the use of weather hedging and insurance, an area that insurance-linked securities (ILS) funds are prominent.

Ratings agency Fitch has issued a stark warning to the Lloyd’s of London insurance and reinsurance market, turning its rating outlook to negative, citing the market’s deteriorating underwriting performance and its increasing exposure to catastrophe risk.

There are questions being asked in Jamaica about the risk model that underpins the regional catastrophe insurance policies issued by the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), after torrential rainfall and resulting flooding in May failed to trigger the countries parametric coverage.

Risk modelling and analytics firm AIR Worldwide has released a new report that studies the potential effects of climate change on atmospheric perils and extreme weather conditions of relevance to the insurance, reinsurance and ILS sector, finding a general expectation that losses may become more frequent and more intense.

Once again, slight impacts were reported for some ILS funds in May 2017 due to U.S. severe thunderstorm activity, as the average returns of the insurance-linked securities (ILS), pure catastrophe bond and reinsurance-linked investment fund sector came in at 0.19% for the month.

Reinsurance broker Guy Carpenter has launched a new unit focused on offering a dedicated retrocession service to its clients in the Asia Pacific region. The GC Asia Pacific Retro unit will also look to provide a capital agnostic approach and hopes to help expand ILS in the region.