Here are the ten most popular news articles, week ending 9th August 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.
Ten most read articles on Artemis.bm, week ending 9th August 2020:
- Explosion in Beirut, Lebanon could drive US$500m+ insured loss
Last week’s devastating explosion in the port area of Beirut, the capital of Lebanon, is expected to cost the country as much as US $15 billion, according to an early estimate by officials. But insured losses are expected to be much lower.
- AIG expects to make Covid-19 catastrophe reinsurance recoveries: Zaffino
AIG is expecting its Covid-19 losses will trigger a reinsurance recovery under its international catastrophe treaty, while its losses are also mounting in the United States and have eaten half-way through its U.S. cat treaty retention, President and COO Peter Zaffino explained.
- Hannover Re to cede more Covid-19 losses to sidecar investors: Althoff
German reinsurance firm Hannover Re expects that as its losses from the Covid-19 pandemic convert from IBNR reserves to reported claims, a proportion of these will be ceded to third-party investors in its K-Cessions sidecar vehicle.
- Hurricane Isaias industry loss seen over $1bn: Aon
Hurricane Isaias, which impacted the Caribbean, made landfall in the Bahamas, then raked the Florida coast, after which it made landfall in the Carolinas and went on to impact the U.S. northeast including New York, is expected to cause insured losses of more than $1 billion.
- AXA XL falls to loss on Covid-19, but cites significant rate increases
AXA XL, the commercially focused insurance and reinsurance arm of the global AXA Group, has suffered a loss for the first-half of the year, as losses from the Covid-19 pandemic hit its commercial books of business.
- Aviva to pass around $365m of Covid-19 losses to reinsurers
UK insurance group Aviva has revealed that its gross losses from the Covid-19 pandemic rose to around US $580 million for the first-half of the year, but the company expects its reinsurance panel will take roughly 63% of the costs of its hands.
- NOAA predicts “extremely active” 2020 hurricane season in updated forecast
The 2020 Atlantic tropical storm and hurricane season is now forecast to have an 85% chance of “above-normal” levels of activity by NOAA, as the agency lifted its forecast for the season to call for an “extremely active” few months ahead.
- RenRe’s third-party investors have “right of incumbency” – CEO O’Donnell
RenaissanceRe, the Bermuda headquartered specialty re/insurer and third-party reinsurance capital manager, has raised capital across numerous platforms over the last year, but the company always ensures investors have a “right of incumbency” on the deals they are already on, according to its CEO.
- Munich Re targets record premiums for 2020, despite impacts of Covid-19
Global reinsurance giant Munich Re turned a €579 million profit in the second-quarter of the year despite suffering around €700 million of losses from the Covid-19 pandemic during the period.
- Swiss Re: Covid not a big event for sidecar, aims to expand ILS activity
Global reinsurance firm Swiss Re expects that while it seems that some losses from the Covid-19 pandemic could fall to its quota share sidecar investors, the amount won’t be significant.
This is not every article published on Artemis during the last week, just the most popular, some of which were published over a week ago. There were 40 new articles published in the last week. To ensure you always stay up to date with Artemis and never miss a story subscribe to our weekly email newsletter which is delivered every Wednesday.
Get listed in our MarketView directory of professionals.