Archive for October, 2017

The insurance-linked securities (ILS) industry is in response-mode as a result of the aggregation of major losses in the third-quarter of this year. But while the biggest test of the ILS industry to-date, it is not “the test” as none of the events alone were of the magnitude to drive a major shift in pricing, […]

The Insurance Commission of California has released preliminary insured loss data on the devastating California wildfires, putting the figure at $1.045 billion, so far, with an expectation that this will rise as the claims process continues.

As had been anticipated, reinsurance firm Swiss Re has come out with the largest estimate of losses from third-quarter catastrophe events to-date, announcing a $3.6 billion hit from hurricanes Harvey, Irma and Maria and the earthquakes in Mexico of $3.6 billion after retrocession and before tax.

Insurance industry think tank, the Geneva Association (GA), in partnership with the International Development Forum (IDF), has released guidelines in support of sovereign risk financing and transfer, providing governments around the world with vital risk assessment frameworks.

Gibraltar based and licensed online lottery provider the Lottoland Group has expanded its offering with the launch of new technology for high jackpot instant win games which will all be backed by the firms insurance protection, including its fully collateralized insurance-linked security (ILS) arrangement.

Global reinsurance firm Hannover Re said at its recent investor day that following the recent catastrophe losses, caused by hurricanes Harvey, Irma, Maria and the Mexico earthquakes, the firm expects to see broad reinsurance price rises to levels equivalent to those last seen in 2015.

Despite the widespread damages caused by recent hurricanes in parts of the U.S. and the Caribbean, it’s unlikely to result in a harder reinsurance market in 2018 or a meaningful reduction in the entry of alternative reinsurance capital, according to a recent report from CreditSights.

At the ILS Bermuda Convergence 2017 event held this week, industry leaders explained the vital role that insurance-linked securities (ILS) and collateralized sources of reinsurance play in global risk transfer markets, seeing it as a partner to the traditional forms of protection.

U.S. primary military mutual insurer USAA remains the most prolific of catastrophe bond sponsors and is back in the market for its 30th transaction, with a $225 million Residential Reinsurance 2017 Ltd. (Series 2017-2) multi-peril deal, seeking to expand its capital markets backed source of reinsurance.

Insurance giant Zurich has pegged its group loss from hurricanes Harvey, Irma and Maria, as well as other smaller loss events in the third-quarter as $717 million after reinsurance and before tax, with the majority falling to the property and casualty (P&C) business unit.