Archive for September, 2017

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) will payout approximately $15.6 million to the Governments of Antigua & Barbuda, Anguilla and St. Kitts & Nevis due to Hurricane Irma which triggered these countries’ parametric Tropical Cyclone insurance policies.

A magnitude 8.1 earthquake has struck off the coast of Mexico this morning, a tremor strong enough and close enough to the coastline of the country that it puts the recently issued World Bank supported IBRD / FONDEN 2017 catastrophe bond at risk of being triggered. Update – sources suggest this cat bond could be […]

The amount of alternative capital in the reinsurance industry has risen by 10% during the first-half of 2017 to close in on the magic $90 billion figure, with the abundance of ILS capacity helping to stimulate record catastrophe bond issuance and a new market high, according to the latest report from Aon Securities.

In the latest updates to the Hurricane Irma forecast path the Miami-Dade area of Florida coastline is firmly in the center of the forecast cone, with Irma predicted to hit somewhere around Biscayne Bay to Miami Beach, the results of which are estimated as a $131 billion realistic disaster scenario (RDS) by Lloyd’s.

Reinsurance and insurance-linked securities (ILS) investment manager Blue Capital Management said today that it is suspending its share repurchase programme for the listed Blue Capital Alternative Income Fund (formerly known as the Blue Capital Global Reinsurance Fund), as it waits to see if there will be any impact from Hurricane Irma to its portfolio.

Catastrophe bond trading in the secondary market has remained slight on the approach of major Hurricane Irma, with the market seemingly holding its breath to see which way and when the storm turns northwards and if Florida can avoid a landfall.

A recent Moody’s survey reveals that property & casualty (P&C) reinsurance buyers don’t expect to increase their use of alternative capital in 2018 in light of competitive pricing in the traditional segment, but Moody’s still expects the expansion of insurance-linked securities (ILS) to continue.

Updated – 21:00 UTC September 8th: Major category 5 Hurricane Irma, which became the second strongest storm in history in the Atlantic, has battered the Leeward Islands of the Caribbean leaving a trail of destruction, as it continues on its route towards Florida still packing 155 mph winds.

The private insurance and reinsurance market faces a loss of over $10 billion from hurricane Harvey’s winds, flooding and storm surges, according to risk modelling firm AIR Worldwide, while the total property damage from flooding alone is seen as high as $75 billion.

PERILS AG, the provider of industry loss data and triggers, has increased its estimate of the impact to the insurance and reinsurance industry from European windstorm (extratropical cyclone) Zeus, which struck France in March 2017 by another 6% to EUR 284 million.