contingent business interruption

The insurance industry loss from the collapse of the Francis Scott Key Bridge in the US city of Baltimore after container ship Dali struck one of its support columns is estimated to be above the $1.5 billion of the Costa Concordia disaster, with as much as $4 billion in industry losses anticipated.

The reinsurance market is expected to bear the brunt of losses from the collapse of the Francis Scott Key Bridge in the US city of Baltimore after container ship Dali struck one of its support columns, which rating agency AM Best said will add to the increasing challenges of reinsurance availability.

Water levels in Germany’s river Rhine have dropped to levels that are now concerning shipping and transport companies, as well as those looking to trade and receive goods using the waterway, with levels forecast to decline close to where we understand parametric triggers for insurance have been set.

HSCM Ventures, the insurtech focused venture capital investing arm of reinsurance and transport focused asset manager Hudson Structured Capital Management, has led a $25 million Series B round for sensor-driven parametrics coverholder Parsyl.

Parsyl Inc., a provider of data-driven, sensor-based systems that are used in parametric risk transfer and insurance, has made a pay-out under a temperature linked policy in less than 8 hours.

This morning, global insurance company AXA has shown that business interruption impacts from the COVID-19 pandemic continue to be felt, with the company announcing a EUR 300 million settlement offer for French restaurants.

As part of the latest Artemis Live webcast, industry experts argued that utilizing technology will be critical in enabling the reinsurance and alternative capital markets, or ILS sector, to help hedge pandemic risk using parametric solutions.

Vesttoo and Artemis have partnered to host a live webcast on May 25th 2021 where we will discuss and explain opportunities to hedge the next pandemic, using parametric risk transfer, facilitated through the use of data and technology, as well as capacity from the capital markets.

Having reported EUR 3.5 billion of losses related to the COVID-19 pandemic for 2020 and now revealing an expectation of another EUR 600 million to be booked in 2021, Munich Re’s CEO Joachim Wenning today urged industry and governments to make progress on a public-private model for pandemics and other systemic risks.

Gabriel Bernardino, the soon to retire Chairman of the European Insurance and Occupational Pensions Authority (EIOPA), has highlighted the capital markets role in delivering catastrophe insurance that has fewer protection gaps.