Saturday 29th August was the 10th anniversary of hurricane Katrina’s destructive landfall in Louisiana, which caused the inundation of New Orleans and resulted in the most costly natural catastrophe event in U.S. history, changing the reinsurance market in its wake.
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Here are the ten most popular news articles, week ending 30th August 2015, 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.
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Asia’s reinsurance markets have the potential and scope for strong growth as risk-awareness and demand for reinsurance coverage spikes in the region, coupled with a significant protection gap and the region’s high exposure to losses from natural catastrophes, according to Fitch Ratings.
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Warren Buffett had previously bemoaned the fact that reinsurance had become a “fashionable asset class”. Now, his own business model is being blamed for creating further pressure on reinsurance prices, as new entrants look to operate with a reduced cost-of-capital.
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Longevity is the biggest risk facing corporate pension schemes in the UK and Germany and more likely to cause deficits than low-interest rates, according to Fitch Ratings, which underscores the expected increase in demand for longevity risk transfer and reinsurance.
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While the insurance and reinsurance market find’s itself increasingly awash with capacity from all sources, the disruptive effect of the growing insurance-linked securities (ILS) and third-party reinsurance capital is seen as a key risk to re/insurers that should not be ignored.
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Merger and acquisition activity among global reinsurance firms is expected to continue through the rest of 2015 and into 2016, with only the strongest expected to have the best future prospects, according to rating agency Standard & Poor’s.
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The use of third-party, or alternative, capital and the expansion of insurance-linked securities (ILS), such as catastrophe bonds and collateralized reinsurance into Latin American markets is currently constrained, meaning its participation remains low in the region.
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The California Earthquake Authority is back in the catastrophe bond market, seeking at least $150m of fully collateralized, capital market-backed reinsurance protection, with the issuance of Ursa Re Ltd. (Series 2015-1).
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London and Bermuda stock exchange listed reinsurance and insurance linked securities (ILS) investment fund, the Blue Capital Global Reinsurance Fund, has seen stronger NAV performance in the first-half of 2015, compared to a year earlier.
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Following the recent successful completion of the $100m Bosphorus Ltd. (Series 2015-1) parametric Turkish earthquake catastrophe bond, the Turkish Catastrophe Insurance Pool (TCIP) intends to continue to build its relationship with the capital markets.
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The growing pool of alternative reinsurance capacity continues to enter the global reinsurance market, becoming an increasingly integral part of the sector’s landscape, but will third-party investors and their capital remain after the next large loss event?
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According to an interview with global reinsurer Swiss Re’s CEO, alternative reinsurance capital is not something to be feared for the company, rather it is an essential source of capacity to help provide insurance and reinsurance for the world’s uninsured risks.
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There is an expectation that some of the claims from the recent explosion at chemical storage facilities in Tianjin, China, will be passed onto reinsurance companies. Rating agencies expect losses from the blasts will hit reinsurers, but stress that the amount is uncertain at this time.
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