Archive for August, 2021

Hurricane Ida is expected to result in a significant loss event for the reinsurance market according to Fitch Ratings, who also believe that some aggregate covers may be at-risk of attaching on the back of Ida’s industry impact.

Ascot Group, the specialist global insurance and reinsurance underwriter owned by CPP Investments, the investment arm of the Canada Pension Plan, has announced the launch of Ascot Reinsurance (Ascot Re) as it looks to consolidate its reinsurance underwriting operations.

In 2021 so far, global dedicated reinsurance capital is estimated to have increased by just under 3% to US $532 billion, but insurance-linked securities (ILS), third-party or alternative reinsurance capital has grown faster.

Vantage Risk, one of the insurance and reinsurance start-ups that launched for the start of 2021, has added a new key hire in catastrophe modelling and data analytics for reinsurance, taking Brent Poliquin from AIR Worldwide.

The Los Angeles Department of Water and Power (LADWP) has returned to the catastrophe bond market in search of its second cat bond to provide it with wildfire insurance protection, with an as yet unsized Power Protective Re Ltd. (Series 2021-1) being offered to insurance-linked securities (ILS) funds and investors.

Hurricane Ida’s losses are anticipated to flow through the insurance market and hit the reinsurance market through quota shares and excess-of-loss arrangements, according to Moody’s Investors Service.

Losses from hurricane Ida may fall more to reinsurance capital providers, as the start of 2021 has seen some US primary insurance carriers using up a significant amount of their catastrophe budgets. But still, analysts don’t feel the hurricane will have a particular influence on renewal rates or market dynamics.

Hurricane Ida’s insurance and reinsurance industry loss may fall between $15 billion and $25 billion based on early indications from modelling data, according to specialist ILS manager Twelve Capital.

Hurricane Ida made landfall as a strong Category 4 storm with sustained winds of 150 mph yesterday in Louisiana, close to Port Fourchon. Market sources suggest an insurance and reinsurance industry loss into the double-digit billions of dollars is likely, with $15 billion to $20 billion (perhaps a little higher) seen as a reasonable area […]

Here are the ten most popular news articles, week ending 22nd August 2021, 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.