Global insured losses from catastrophe events and severe weather have already reached $54 billion in 2020 and the effects of the COVID-19 pandemic are evident in prolonged loss development, according to insurance and reinsurance broker Aon.
The fact that it is primarily private equity capital looking to replenish the reinsurance industry’s coffers is unlikely to dampen the effects of rate hardening in the near term, according to Luca Albertini, chief executive of Leadenhall Capital Partners LLP.
The insurance-linked securities (ILS) investing business of hedge fund manager Quantedge Capital has signed-up to use Foundation, the ILS and reinsurance deal pricing and roll-up platform developed by Treefrog.
Tremor Technologies, the insurtech offering a technology-based programmatic insurance and reinsurance risk transfer marketplace, experienced higher activity in its live cat ILW marketplace yesterday for hurricane Sally, than it did a few weeks ago for Laura.
Insurance giant American International Group, Inc. (AIG) has “high hopes” for further growth of its insurance-linked securities (ILS) and collateralised reinsurance manager AlphaCat, expecting to see “a lot of demand” for its vehicles at the renewals, Peter Zaffino said this week.
The amount of alternative and insurance-linked securities (ILS) capital in the global reinsurance market remained flat through the second-quarter of 2020 at $91 billion, according to the latest data from broker Aon.
Following yesterday’s judgement by the UK High Court that found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case, Australian insurer QBE has said it could recover up to US $100 million of UK BI claims from its catastrophe reinsurance.
Hurricane Sally made a last attempt to strengthen as it wobbled slowly towards the north Gulf Coast and has now intensified into a Category 2 storm, with sustained winds reaching 105 mph and higher gusts being reported.
It’s hard to ignore that in recent years the insurance and reinsurance market has been beset by losses from so-called secondary perils such as wildfires and floods, which makes the understanding and pricing of these risks absolutely crucial to companies long-term profitability, analysts at J.P. Morgan have said.
Global reinsurance giant Munich Re has teamed up with digital agriculture specialist Farmers Edge to deliver large-scale parametric weather insurance solutions for the farming sectors.
While hurricane Sally’s wind speeds have remained relatively static throughout today as a Category 1 hurricane, the expectations for rainfall from the storm have increased, with the NHC warning of a “historic flooding” event for the northern Gulf Coast region.
Insurance carriers potentially affected by today’s judgement in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case, are suggesting their reinsurance, including catastrophe covers, will provide support.