Catastrophe risk modelling firm AIR Worldwide has provided the first insurance, and possibly reinsurance industry loss estimate from the Magnitude 7.8 earthquake that impacted Ecuador recently, of up to $850 million.
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The first-quarter of 2016 witnessed a record volume of catastrophe bond and insurance-linked securities (ILS) issuance, helped by continued investor appetite that met the capacity targets of market sponsors during the period, according to reinsurance giant Munich Re.
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Another devastating hailstorm has struck Texas, the fourth major insurance and reinsurance loss in a month, with an April 12th hail storm striking the San Antonio area set to become the biggest hail insurance loss in the state’s history and push recent insured losses towards $3 billion or higher.
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The economic losses from property damage caused by both the April 15th magnitude 7.0 earthquake and April 14th M6.4 earthquakes in Kumamoto Prefecture, Kyushu, Japan are estimated to be up to $3.5 billion by RMS.
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The record start to 2016 for the catastrophe bond and insurance-linked securities (ILS) market “bodes well” for the rest of the year, according to Paul Schultz of Aon Securities, particularly when the competitive nature of reinsurance markets are considered.
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An issue has been bubbling away in the background of the catastrophe bond and ILS fund market since late 2015 which has the potential to impact the way managers of UCITS catastrophe bond funds deal with diversification.
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The first estimate of losses to the insurance and reinsurance industry from the recent magnitude 7.0 earthquake in the Kumamoto region of Kyushu, Japan, has been released by AIR Worldwide, estimating insured losses of between $1.7 billion to $2.9 billion (excluding business interruption).
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Data from A.M. Best reveals that the 25 largest A.M. Best-rated re/insurers that operate in catastrophe-exposed business lines in London, Bermuda and Europe, have grown their 1-in-100-year catastrophe exposure in recent years.
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The structures, investors, funds and managers that make up the expanding insurance-linked securities (ILS) market continue to mature and grow in sophistication, creating an asset class that’s flexibility and capacity can benefit a range of investor needs, according to industry experts.
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The record level of catastrophe bond, or non-life insurance linked securities (ILS), issuance seen in the first-quarter of 2016 highlights the continued appetite institutional investors show for accessing ILS, as well as the appetite of cedents to access alternative capital, according to Willis.
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The recent earthquakes in Japan and Ecuador may heighten the risk of catastrophes in the minds of insurance and reinsurance firms, and will likely result in a hit to re/insurer second quarter 2016 earnings, according to analysts at Morgan Stanley.
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The Actuarial Committee of the Texas Windstorm Insurance Association (TWIA), the residual market or last-resort property insurer for Texas, is set to seek approval to purchase slightly less first-event reinsurance protection in 2016, but may add a second-event cover.
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Advances with insurance and reinsurance regulatory frameworks in China and India are reforming both countries’ reinsurance markets, a move that could provide global reinsurers and insurance-linked securities (ILS) players with ample opportunity to access new peril regions.
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The ongoing severe flooding in Houston, Texas and the surrounding area, is being likened for severity to 2001’s tropical storm Allison, a storm which was predominantly a flooding event but resulted in more than $7 billion of economic losses and an insured loss estimated at $3.5 billion.
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