Archive for August, 2019

The California Earthquake Authority (CEA) has seen a significant increase in earthquake insurance policy uptake following the recent earthquakes in Ridgecrest, adding the second most policies in a single month ever.

Transverse Insurance Group, a new program and fronting carrier that aims to help facilitate access to risk for insurance-linked securities (ILS) funds and investors, has now received its official A- rating from A.M. Best.

The African Risk Capacity (ARC) has teamed up with the Africa Centre for Disease Control (Africa CDC) to further its work on a parametric index to support outbreak and epidemic insurance and risk transfer at the sovereign level.

Hurricane Dorian has strengthened further overnight, continuing on a path that forecasters still suggest will result in a Florida landfall, but some forecasts are now suggesting a double-landfall as Dorian could cross Florida and make a second in the Gulf, while analysts are already talking $10 billion to $30 billion industry loss scenario.

Third-party reinsurance or alternative capital has become a “new norm” for reinsurers as they seek to remain competitive, meaning that so-called convergence capital from the insurance-linked securities (ILS) market will remain key.

The German insurance industry paid out almost $1.5 billion in claims for natural catastrophes and severe weather events in the first-half of 2019.

Reinsurance firms could be the ones hit the hardest should hurricane Dorian make landfall and cause sizeable impacts in Florida, according to analysts at Keefe, Bruyette & Woods (KBW).

Liberty Specialty Markets, the specialty and commercial insurance and reinsurance arm of Liberty Mutual Insurance, has promoted Nicholas Garside to the role of Head of Bermuda Property.

The U.S. state of California is getting increasingly serious about the use of insurance or risk transfer to provide financing against climate risks and financing to support climate adaptation and resilience building.

Tropical storm Dorian is now forecast to track north of the Bahamas and intensify into a hurricane, before making landfall on the Florida coastline late on Sunday.