Archive for August, 2018

Further demonstrating the long-tail that earthquake claims can have, the insurance and reinsurance market loss estimate for the 2010 and 2011 Canterbury, New Zealand earthquakes continues to rise, with the latest figure now $22.3 billion, according to the Insurance Council.

Wildfires in California have now destroyed 1,734 structures, 1,148 of which are residential properties, with another 304 structures damaged, as the Carr wildfire continues to burn and the Mendocino Complex wildfires expanded over the weekend.

Here are the ten most popular news articles, week ending 5th August 2018, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

AXA and XL Group, who’s M&A deal is scheduled for completion soon, have ceded more risk to reinsurance or retrocession counterparties, as the pair make good on promises to control their combined exposures to natural catastrophe events.

Global insurer American International Group (AIG) expects to pass on a greater share of its major loss experience to reinsurance capital through the second-half of 2018, as it has already used up a chunk of the retention in the most recent quarter.

Specialty insurance and reinsurance player Brit Ltd. has begun to recognise an increasing benefit from managing third-party capital, as the firms managed capacity reached $400 million across its Sussex Capital collateralised reinsurance platform, Versutus reinsurance sidecar, and Lloyd’s syndicate 2988.

Christian Mumenthaler, the CEO of reinsurance giant Swiss Re, acknowledged an improving market across both insurance and reinsurance this morning, saying that he viewed the fact it was recovering as positive, which goes some way to explain the price improvements and continued premium growth the re/insurer is experiencing.

The Colorado State University tropical weather forecasting team led by Phil Klotzbach is anticipating just 3 more hurricanes will form during the remainder of this 2018 Atlantic hurricane season and that only one of those will become a major hurricane, as cooler seas continue to predict a below average year.

The insurance and reinsurance industry loss from the Carr wildfire in Shasta County, California, is anticipated to at least approach and possibly surpass $1 billion, as the destruction continues with now more than 1,550 structures completely destroyed and another 258 damaged by the fire.

Commercial risk transfer and insurance solutions provider Swiss Re Corporate Solutions, a division of the global reinsurance firm, has launched a novel parametric tsunami derivative product, designed to protect Japanese businesses against the financial impacts of tsunamis.