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‘Epic’ S. Carolina flooding to easily exceed $1bn economic loss: Aon

Reinsurance broker Aon Benfield's risk modelling unit Impact Forecasting believes that the "epic weekend rainfall" in South Carolina and elsewhere across the region will result in economic losses that will "easily exceed" $1 billion.Calling the rainfall event a 1-in-1000 year occurrence, the brokers report also highlights that it is expected read the full article →

Heavy rainfall and flooding in UK to result in hefty re/insurance losses

While the U.S. east coast has been experiencing temperatures much higher than normal, severe storms have caused damage in Virginia, wildfires raged in Colorado and drought struck other areas of the U.S., the UK has been experiencing the wettest start to summer in many years. Breaking climate records seems to read the full article →

Caribbean Catastrophe Risk Insurance Facility (CCRIF) excess rainfall cover launching soon

Earlier this week we wrote that the Caribbean Catastrophe Risk Insurance Facility (CCRIF), the catastrophe risk pooling facility who provide parametric based disaster insurance cover to Caribbean countries, had finalised their renewals for the 2012-2013 policy year. All 16 of their member countries renewed their hurricane and earthquake cover and read the full article →

Caribbean members renew CCRIF catastrophe insurance policies

The Caribbean Catastrophe Risk Insurance Facility (CCRIF), the non-profit multi-country catastrophe risk pooling facility who provide parametric based disaster insurance cover to Caribbean countries, have announced that all 16 of their member countries have renewed their policies for the 2012-2013 year. Cover provided by the CCRIF since 2007 includes hurricane read the full article →

CCRIF excess rainfall product due to launch in June

The Caribbean Catastrophe Risk Insurance Facility (CCRIF), the non-profit multi-country risk pooling facility who provide parametric disaster cover to Caribbean countries, will be launching its long-awaited excess rainfall product in June according to an article in Business News Americas. The development of the parametric rainfall insurance policy was delayed due read the full article →

CCRIF excess rainfall product scheduled for end of year

The Caribbean Catastrophe Risk Insurance Facility (CCRIF), a non-profit multi-country risk pooling initiative providing parametric hurricane or earthquake disaster cover to Caribbean countries, has scheduled its long-awaited parametric excess rainfall insurance product for the end of this year. Originally targeted for 2010, the product was eventually delayed due to the read the full article →

Caribbean Catastrophe Risk Insurance Facility delays excess rainfall insurance product

The Caribbean Catastrophe Risk Insurance Facility (CCRIF), a non-profit multi-country risk pooling facility who provide parametric hurricane and earthquake cover to Caribbean countries, has had to delay the launch of its long awaited excess rainfall insurance product.We first announced that the CCRIF were working with the  Caribbean Institute for Meterology read the full article →

Brazil would benefit from parametric insurance solutions says Swiss Re

Natural disasters will likely become more frequent in Brazil and more expensive in terms of loss of human lives and financial expenditure by the government to rebuild and support those without insurance. Frequency of natural disaster in Brazil is on the rise, according to this Business News Americas article quoting read the full article →

WeatherBill report shows heavy rains across Eastern Corn Belt could cost growers $11.2B

WeatherBill, a high profile technology focused provider of weather risk solutions and weather insurance for industries such as farming, has published a report looking at the impact of recent heavy rains across the U.S. Eastern Corn Belt and how that weather is likely to affect growers financially due to planting read the full article →

Eighty cooperatives expected to buy parametric microinsurance product in the Philippines

As many as eighty cooperatives in the Philippines are said to be considering a microinsurance product (our previous coverage here) designed to protect them from the impact to their loan portfolios caused by natural disasters and extreme weather involving wind and rainfall.The product is being marketed by Philippine cooperative insurance read the full article →