Archive for July, 2017

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.