Property catastrophe reinsurance rates-on-line in Continental Europe rose strongly for the second consecutive year at the January 1st 2023 renewal season, according to the latest data from broker Guy Carpenter.
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Equity analysts at Goldman Sachs see climate change both as a driver of increasing underwriting opportunities for the global insurance and reinsurance market, as well as a key factor that can prolong the current hard market pricing environment.
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Significant fatalities and damage have been reported after Southern Turkey was struck by a major Magnitude 7.8 earthquake this morning close to Gaziantep, near the Syrian border. The US Geological Survey (USGS) gives a 78% chance that the economic impact will reach above US $1 billion.
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Here are the ten most popular news articles, week ending February 5th 2023, 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.
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Insurance-linked securities (ILS) and catastrophe bond funds only fell by -2.16% on average for the full-year 2022, despite the significant losses the industry suffered from major hurricane Ian, an Index of ILS fund performance shows.
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Specialist insurance-linked securities (ILS) and reinsurance investment manager Twelve Capital believes the catastrophe bond investment opportunity to be particularly compelling for 2023.
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RenaissanceRe’s CEO Kevin O’Donnell is bullish about his firm’s prospects for 2023, particularly in property catastrophe reinsurance where he expects the reset, higher rate environment will persist throughout the year.
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Nephila Capital, one of the largest insurance-linked securities (ILS) fund management operations in the market, has added $200 million of new capital in time for deployment around the January reinsurance renewals, which took its assets under management to $7.4 billion.
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Selective Insurance Group has now confirmed the size of the reinsurance recovery it will benefit from, to help in paying claims from December’s winter storm Elliott in the United States.
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Australian insurance giant IAG has revealed that it anticipates at least a $114 million reinsurance recovery to help it pay claims from the recent severe flooding that struck the New Zealand city of Auckland.
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Following the enactment of significant property insurance legislative reform in Florida and after giving these reforms time to bed-in, catastrophe bonds covering risks in the state are likely to become even more attractive to invest in, according to Dirk Schmelzer of Plenum Investments.
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Insurance-linked securities (ILS) investment manager Nephila Capital is targeting growth and expansion into the climate and specialty risks sides of its business, but property catastrophe risk remains the biggest revenue driver at this time, Markel’s Jeremy Noble said today.
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At the key January 1st reinsurance renewal season, RenaissanceRe, the global reinsurance firm and third-party capital manager, purchased more retrocessional protection that had been anticipated, according to CEO Kevin O’Donnell.
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US commercial property insurance pricing accelerated in the fourth-quarter of 2022, with the challenging and hardening reinsurance market environment a key driver, according to broker Marsh.
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