The UK government has published its finalised regulations that it says “introduce a competitive regulatory and tax regime” for insurance-linked securities (ILS) business and will help to ensure that the country remains “at the forefront of the global reinsurance market.”
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The CATCo Reinsurance Opportunities Fund Ltd., a London-listed vehicle managed by reinsurance and retrocession linked investment manager Markel CATCo Investment Management Ltd., has commuted some of its exposure to the Jubilee oil field energy loss event.
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At an event held in London today focused on the progress made by the Insurance Development Forum (IDF), as part of the International Insurance Society (IIS) conference, a number of commitments and news of funding were made, with the goal of furthering steps to narrowing the disaster protection gap.
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Analysis from reinsurance giant Swiss Re highlights the lack of awareness surrounding earthquake risk in Eastern Canada, an area lacking necessary protection against a peril that could result in losses in the tens of billions of dollars, suggesting re/insurance and insurance-linked securities (ILS) could play a greater role.
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Global natural catastrophes losses in the first-half of 2017 totalled an estimated $53 billion, with nearly half, almost $26 billion coming from the severe convective storm peril, which was also the costliest peril in terms of insured losses, according to reinsurance broker Aon Benfield.
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Re/insurance key to improving resilience in low income countries: RMS

July 20, 2017

Analysis by catastrophe risk modeller RMS undertaken for the UK’s Department for International Development (DFID), shows that the establishment of insurance schemes to protect against natural disasters in low and low-middle income countries can provide average annual recoveries equivalent to 11% of asset losses.

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Lloyd’s to allow capital to flow in more quickly after major loss

July 19, 2017

The Lloyd’s of London insurance and reinsurance market wants to make it a simpler place for capital to enter after the next major market-turning event, which is both a strategy to make the market an easier place to do business but would also be likely to dampen post-event price rises.

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Senate committee to hear calls for NFIP flood cat bonds, risk transfer

July 19, 2017

One of the bills calling for the use of catastrophe bonds, collateralized reinsurance and other private market risk transfer tools to lower the risk held by the U.S. National Flood Insurance Program (NFIP) will now be heard before a Senate committee.

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Conyers partner with ILS experience moves to Hong Kong

July 19, 2017

Peter Ch’ng, a Partner experienced in insurance-linked securities (ILS) at Bermuda headquartered insurance and reinsurance focused law firm Conyers, Dill & Pearman, has relocated to Hong Kong to support the firm’s ongoing growth.

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Nature Conservancy pilots insurance fund for coastal resilience

July 19, 2017

The Nature Conservancy (TNC), a leading global nature conservation organisation, is working on a pilot project that will design and test an insurance mechanism for coastal resilience which will leverage private capital structured in a fund format and with underlying parametric insurance triggers.

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Lane Financial highlights reduced ILS transparency

July 18, 2017

As the collateralised reinsurance market continues to expand at a faster rate than the insurance-linked securities (ILS) sector, it appears to be contributing to the declining transparency of the alternative reinsurance markets, warns Lane Financial.

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ILS funds move up the rankings, future growth potential clear

July 18, 2017

Generally, insurance-linked investment fund managers have moved up a ranking of alternative asset managers over the last year, as their assets under management increased propelling them upwards. But the potential for ongoing growth is clear, as ILS only makes up 0.6% of the surveyed asset base.

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Cyber loss could equal nat cat, worst case $120bn+, aggregation key: Lloyd’s

July 18, 2017

Cyber losses could be as large as major natural catastrophe events, with worst case scenarios showing economic impacts as high as $120 billion or greater, while the aggregation risk is likened to that seen from catastrophes making reinsurance solutions and ILS ever more relevant.

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Munich Re puts cyclone Debbie insured loss at US $1.4 billion

July 18, 2017

Global reinsurance giant Munich Re has estimated the insurance and reinsurance industry impact from Australian Cyclone Debbie at US $1.4 billion, the highest industry loss estimate seen to-date, while the economic impact is seen as US $2.7 billion.

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First-half natural catastrophe losses way below average: Munich Re

July 18, 2017

Global economic and insurance industry losses from natural catastrophes in the first-half of 2017 have both come in way below average, with just $19.5 billion hitting re/insurers which is significantly below the $29 billion ten-year average, according to data from reinsurance firm Munich Re.

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