Archive for June, 2022

According to the local insurance regulator, extreme levels of rainfall in China have triggered parametric catastrophe insurance payouts for 16 cities in the province of Guangdong.

Gallagher Re, the reinsurance broking arm of the broader Gallagher group, has announced the hiring of Antoine Bavandi who joins the company from the World Bank to lead a new practice focused on the public sector, parametric risk transfer & climate resilience solutions.

Despite having completed its reinsurance renewal early for its Centauri branded carrier subsidiaries, Applied Underwriters leadership have said that the general lack of catastrophe reinsurance is posing issues for Gulf state insurance carriers as hurricane season gets underway.

Rate increases secured by insurance-linked securities (ILS) funds and collateralized reinsurance vehicles at the mid-year reinsurance renewals are likely to be higher than had been expected when the negotiations began, sources have told Artemis.

Here are the ten most popular news articles, week ending June 26th 2022, 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.

US primary insurance giant State Farm has returned to the catastrophe bond market and secured $500 million of US property catastrophe reinsurance protection from two series of Merna Re II cat bond notes, with a $200 million Merna Re II Ltd. (Series 2022-2) and $300 million Merna Re II Ltd. (Series 2022-3) issuances.

Losses from the severe convective storm peril are already on-track to surpass $20 billion again in 2022, according to Aon’s Impact Forecasting.

Florida’s insurance marketplace has been plagued by extreme levels of fraud and litigation, which is driving the homeowner’s insurance market’s demise in the state, according to the Insurance Information Institute (Triple-I).

Insurance and reinsurance broking giant Aon has hired Colin Harper as Managing Director, Alternative Risk Transfer and Innovation, a position that will see him having a parametric insurance and risk transfer focus.

A spate of severe weather, thunderstorms, hail and other convective effects are set to drive insurance and reinsurance market losses of close to EUR 1.3 billion, according to the French insurers association.