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Canadian severe weather drives $1.9bn of insured losses in 2018

Outbreaks of severe weather in Canada drove around $1.9 billion of losses to the insurance and reinsurance industry in 2018, with a windstorm in Ontario and Quebec in May driving the largest share.The Insurance Bureau of Canada says that the severe weather losses highlight the financial costs that insurance, read the full article →

Hail losses no longer attritional, hail reinsurance recomended: RMS

Insurance industry losses from hail storms and extreme hail events are rising, with recent storms showing that hail should no longer be considered just an attritional loss causing peril, according to risk modeller RMS.Matthew Nielsen, a director and meteorologist at RMS, commented on recent hail events; “This week’s severe storms read the full article →

Successor X V-F4 catastrophe bond notes climb back towards par

Over the last few weeks, secondary market pricing indications from catastrophe bond trading desks show that the hurricane Sandy threatened Successor X Ltd. (Series 2011-3) Class V-F4 cat bond notes are considered by investors to be increasingly less likely to face any losses from the superstorm.The pricing indications from secondary cat read the full article →

$1.1 trillion U.S. residential property value exposed to hurricane storm surge

According to the latest report from modeling, data and analytics firm CoreLogic the total value of residential property at risk of hurricane storm surge damage is now estimated at $1.1 trillion. The report contains updated estimates for both the number and value of single-family homes exposed to hurricane-driven storm-surge damage read the full article →

S&P remove Residential Re 2011 & 2012 cat bond notes from CreditWatch and affirm

Rating agency Standard & Poor’s have resolved the rating uncertainty on two aggregate tranches of catastrophe bond notes from USAA’s Residential Reinsurance 2011 Ltd. (Series 2011-1) and Residential Reinsurance 2012 Ltd. (Series 2012-1) transactions. Both tranches had been on CreditWatch since the 6th November due to the potential impact of read the full article →

Successor X V-F4 catastrophe bond notes still in the doldrums over Sandy

The latest secondary market pricing indications from catastrophe bond trading desks show that the hurricane Sandy threatened Successor X Ltd. (Series 2011-3) Class V-F4 cat bond notes continue to be considered at risk by investors. Pricing indications are a good measure of investor sentiment and while the average price has risen read the full article →

Cat bond pricing shows investor concern over Sandy and Successor X V-F4

Some of the latest pricing indications for secondary catastrophe bonds show that investors have real concerns that the final industry loss total from hurricane Sandy could be sufficiently high to trigger the Successor X Ltd. (Series 2011-3) Class V-F4 notes. The Successor notes are the last cat bond which is read the full article →

Hurricane Sandy loss and uncertainty has not led to cat bond spread increases

In its latest quarterly report on the catastrophe bond and insurance-linked securities market reinsurance broker Aon Benfield takes a look at some of the cat bonds which were marked down due to hurricane Sandy. A selection of cat bonds faced greater mark-to-market losses than the rest due to the higher read the full article →

Reinsurers should expect catastrophe losses like 2011 every 15 years: AIR Worldwide

A new report published today by risk modeller AIR Worldwide suggests that insurers and reinsurers should be prepared to face insured catastrophe losses of the magnitude seen during 2011 every 15 years. Insured losses from global natural catastrophes exceeded $110 billion in 2011 which AIR said is a 6.7% exceedance read the full article →

Residential Re 2011 notes downgraded on greater attachment probability due to Sandy

In a move which was to be expected, rating agency Standard & Poor’s have downgraded one aggregate class of notes issued in USAA’s Residential Reinsurance 2011 Ltd. (Series 2011-1)  catastrophe bond transaction as a result of the qualifying losses caused by hurricane Sandy. On the 6th November S&P placed the read the full article →