The rising insurance and reinsurance industry loss from 2018’s typhoon Jebi in Japan has caused what some are privately terming chaos in the industry-loss warranty (ILW) market, as two widely used but unofficial trigger data sources still show estimates at below $10 billion.
The North Yorkshire Pension Fund, a pension scheme for council and local government workers in the Yorkshire region of the United Kingdom, increased its allocation to insurance-linked securities (ILS) funds under the management of Leadenhall.
Aon Reinsurance Solutions, the reinsurance broking focused arm of the global risk, retirement, brokerage and insurance advisor, has appointed Don Magee as Chairman of its UK business.
Rates for renewals of California wildfire exposed reinsurance programs or coverage could see increases of as high as 30% to 70%, as both traditional and alternative markets smart after two heavy loss years, according to S&P Global Ratings.
The Asian Development Bank (ADB) has launched a new contingent natural disaster risk financing solution which it has named contingent disaster financing (CDF), as it seeks to deliver rapid paying risk capacity for its members after they experience significant natural catastrophe events.
Despite the fact it is set for run-off it is interesting to note that the 2019 portfolio underwritten for the CATCo Reinsurance Opportunities Fund has delivered a 6% net asset value return in the first-half of the year to one class of shareholders.
In the month of July U.S. primary insurance giant Allstate was again hit by fresh losses from convective storm activity and in particular hail damage, while loss creep from the same type of events that struck in previous months was also accounted for.
Global reinsurance firm Swiss Re has estimated that first-half 2019 natural catastrophes and severe weather events around the globe cost the insurance industry $19 billion, covering just 42% of the $40 billion economic impact.
Climate risk data should be linked to the insurance, reinsurance and risk transfer process through the use of technology and risk models, placing it and financial products at the heart of climate adaptation and resilience efforts.
The passage of California legislation calling for approval for the state to purchase insurance, reinsurance, insurance-linked securities (ILS), or other alternative risk transfer (ART) structures as financial protection against disasters has stalled.
Arch Insurance North America, a division of insurance and reinsurance specialist Arch Capital Group, has announced that it will acquire the technology and third-party capital focused managing general underwriter Ventus Risk Management.
Typhoon Lekima’s insurance and reinsurance industry impact in China is expected to exceed US $855 million (CNY 6 billion), according to catastrophe risk modeller AIR Worldwide.