Archive for August, 2020

The United States has again been hit by a prolonged period of severe weather this week, with severe storms, convective weather, large hail storm events and a Derecho that struck the Iowa and Illinois region, all adding up to multi-billion dollar economic losses, with most of the wind and hail insured.

SiriusPoint, the new Class of 2020 international insurance and reinsurance firm being launched out of the coming together of Third Point Re and Sirius Group, sees ILS as “an option to consider” in terms of its capital use, CEO Sid Sankaran told us in an interview.

Global insurance and reinsurance player American International Group (AIG) has promoted David McElroy to the role of Chief Executive Officer, General Insurance, and Executive Vice President, AIG, as Peter Zaffino pivots to his enterprise-wide role as COO of the insurer.

It’s up to insurance, reinsurance and ILS market participants to improve the acceptability of parametric insurance structures across the Asia Pacific region, say industry experts at ILS Asia 2020.

Everest Insurance, part of the global reinsurance group Everest Re, has announced the hiring of Mike Hoffman from Allied World, who joins the company as its new Head of Risk & Ceded Reinsurance.

QBE, the Australian headquartered global insurance and reinsurance group, said this morning that its claims from the Covid-19 pandemic have taken it very close to attaching its aggregate reinsurance cover.

The estimate of insurance and reinsurance market losses from a severe east coast low pressure storm that struck Australia at the beginning of February, has risen some 21% at the second reporting to A$958 million, according to PERILS AG.

Zurich Insurance Group (Zurich) reported its results for the second-quarter and first-half of 2020 today, revealing an elevated level of catastrophe claims, with the U.S. civil unrest and rioting a key driver of impacts.

According to global reinsurance giant Swiss Re’s latest data, the first-half of 2020 saw US $31 billion of global insured property losses from disasters, up by roughly 35% on the prior year.

The debt issuances of insurance and reinsurance carriers remain an attractive option for investors even under the shadow of the Covid-19 pandemic and there could be more opportunity to come.