The African Risk Capacity (ARC) is continuing to make progress towards the launch of its Extreme Climate Facility (XCF), a proposed multi-year funding mechanism that will issue climate change catastrophe bonds to help African nations transfer climate change related exposure to the capital markets.
Industry losses from the flood driven damage of typhoon Hagibis could reach into the double-digit billion dollar range, according to ILS manager Twelve Capital, who also highlighted that in the ILS market it is collateralised retrocession that appears most at risk of performance impacts.
Nephila Capital senior executive Barney Schauble has helped to fund the launch of a new initiative from non-profit Ceres that aims to accelerate efforts in the capital markets to reduce the worst financial impacts of the global climate crisis and other sustainability threats.
Typhoon Hagibis loss impact on insurance, reinsurance and insurance-linked securities (ILS) markets is likely to drive further rate improvements at upcoming renewals, but the market should watch out for potential loss creep, analysts at KBW warn.
Jamaica’s mission to secure catastrophe bond coverage as part of its disaster risk financing plan continues, with progress being made in terms of risk modelling while the World Bank has funded the country to help in paying cat bond premiums to investors.
U.S. primary insurer Travelers catastrophe and severe weather losses have now eaten 92% of the way through the $1.3 billion retention sitting beneath the insurers new $500 million aggregate reinsurance cover.
Reinsurance, catastrophe, climate and weather risk-linked investment manager Nephila Capital will add a new primary source of risk from another eastern U.S. state, after its managing general agency (MGA) Velocity Risk Underwriters LLC has expanded into New Jersey.
Typhoon Hagibis is estimated as likely to cause an insurance and reinsurance market loss somewhere in a range from $8 billion to as much as $16 billion, by AIR Worldwide.
The insurance and reinsurance industry is likely to face losses that rise into the billions of dollars following a storm system that caused a significant tornado in the Dallas, Texas area on October 20th.
USAA is returning to the capital markets for what will be its 34th time sponsoring a catastrophe bond, bringing a new multi-peril Residential Reinsurance 2019 Limited (Series 2019-2) deal to market in search of at least $150 million of collateralised reinsurance protection.
Fidelis Insurance, the specialty insurance and reinsurance firm launched by Richard Brindle, is continuing to build-out its London treaty reinsurance operations with the hiring of Matthew Bellamy from Acapella.
Reinsurance rate increases are expected to accelerate at the all-important January 2020 contract renewals, as well as and perhaps even more so at April 1st, following the impacts of recent Japanese typhoons and hurricane Dorian this year, A.M. Best says.