Archive for September, 2017

Catastrophe risk modelling specialists Karen Clark & Company (KCC) have put the insurance and reinsurance industry loss from hurricane Maria’s Caribbean and Puerto Rico impacts at $30 billion, which falls at the top-end of RMS’ estimate, but below the low-end of AIR’s.

The Dominican Republic has secured the first catastrophe contingent line of credit in the Caribbean, with a $150 million Catastrophe Deferred Drawdown Option (Cat DDO) supported by the World Bank, that provides immediate financing in the event of natural disasters or public health emergencies.

A number of equity analyst teams have adjusted their expectations for price hardening as a result of the impacts of hurricane Maria with the potential for reinsurance price rises, at least in localised property catastrophe regions, right through 2018 now anticipated, but these are not expected to be high enough to provide the payback some […]

A number of insurance-linked securities (ILS) and collateralized reinsurance investment funds are facing a negative return for August 2017, as losses and loss expectations from hurricane Harvey resulted in write-downs on investment positions, causing some funds to be negative for the month.

Catastrophe risk modelling firm RMS has issued its first estimate of hurricane Maria insurance and reinsurance losses today, putting the Caribbean economic impact at $30 billion to $60 billion and the insured loss in a range from $15 billion to $30 billion.

Global insurance and reinsurance firm Chubb revealed an estimation of its losses from hurricane Harvey and Irma’s impacts on the United States and the Caribbean, with the firm suggesting up to $1.6 billion of loss, pre-tax and net of reinsurance, some of which is likely to fall to its total return reinsurance vehicle ABR Re.

The Pioneer ILS Interval Fund, a U.S. mutual fund insurance-linked securities and reinsurance linked investment strategy operated by asset manager Pioneer Investment Management, has increased its assets under management bu almost 28% in the last reported quarter, reaching $390 million by the end of July 2017.

Florida’s Citizens Property Insurance Corporation said yesterday that it expects to have to pay around $1.23 billion of insured losses for claims from Hurricane Irma, but expects to pay for this out of surplus, suggesting the coastal account has not had a big enough hit to eat into its reinsurance protection.

Lloyd’s of London reported its first-half results this morning and once again they clearly reflect the challenges of a softened market environment, with profits shrinking 17% to £1.22 billion, even when volumes of risk traded through the market are up and the underwriting result had improved.

Blue Capital Management, the Sompo International (previously Endurance) owned reinsurance and insurance-linked securities (ILS) investment manager, has begun an investigation and assessment of the impacts from Hurricane Maria, to identify any impacts to its flagship listed ILS fund vehicle.