State Farm is planning a new catastrophe bond issue. Merna Re II Ltd. is designed to provide State Farm with protection against some of it’s earthquake risks in the U.S. The deals initial size is said to be $400m but people close to the deal believe it could almost double and actually come to market closer to the $700m mark.
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Here’s an interesting article from the Royal Gazette reporting on a World Insurance Forum panels comments on how climate change could impact the insurance and reinsurance industries. The most interesting comment for me is from Barney Schauble of Nephila Capital who believes that climate change could provide an opportunity for growth in insurance and reinsurance industries if priced correctly.
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The Insurance Services Office (ISO) has announced that it is to bring Property Claims Services PCS to Canada. The new service named PCS Canada aims to provide insurers, reinsurers, brokers and other stakeholders with Canadian catastrophe information to enable them to better manage their natural and man-made catastrophe risks.
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Swiss Re has published its latest Sigma report which looks at the extent of natural catastrophe and man-made disaster losses during 2009. According to the report catastrophes and disasters caused $26B in insured losses last year and the overall cost to society in economic loss was $62B.
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