Archive for March, 2020

The insurance and perhaps reinsurance industry loss from European windstorm Ciara, also known as Sabine and Elsa, has been estimated at almost EUR 1.6 billion (close to US $1.7bn) by PERILS AG.

The Government of Hong Kong has introduced a bill to amend its insurance regulation to allow for insurance-linked securities (ILS) such as catastrophe bonds to be issued and will seek to pass it rapidly given the uncertainty caused by the coronavirus outbreak.

The payout from the World Bank issued pandemic catastrophe bonds, as well as the pandemic risk-linked swaps that were issued at the same time, may reach just under $196 million in total, if the ongoing Covid-19 coronavirus outbreak triggers the financial instruments.

The recently completed first catastrophe bond for the Philippines provides its government with faster access to post-disaster funding, enabling it to respond more rapidly and effectively to support the needs of its citizens when the largest catastrophes strike.

Underlining the magnitude of the challenge that the Covid-19 coronavirus poses to the re/insurance industry, Fitch Ratings has revised its outlooks for the global reinsurance market and U.S. Property & Casualty insurance to negative.

Allianz Global Corporate & Specialty (AGCS) has hire Peter Kiernan, formerly the CUO and a President in Bermuda at AXIS Re, to the role of Head of Reinsurance North America for the Allianz Alternative Risk Transfer (ART) division.

Christopher Donelan has been promoted to the role of Chief Executive Officer of specialty underwriter Sompo International’s Reinsurance Business.

For its 2019 underwriting year investments, the retrocession focussed CATCo Reinsurance Opportunities Fund Ltd. managed a 4.3% return, according to its annual report.

The insurance and reinsurance market loss from claims caused by the bushfires that burnt across Australia in late 2019 into early 2020 has risen another 6% and passed A$2 billion for the first time.

Here are the ten most popular news articles, week ending 22nd March 2020, 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.