Insurance claims filed from the recent July severe flooding in the New South Wales region of Australia have climbed more than 57% to 6,853 overnight, while the impacts of flooding are now being most felt further north of Sydney.
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Prospero Re Ltd., the rated reinsurance vehicle of Bermuda headquartered ILS fund and investment manager Resolute Global Partners, (formerly ILS Capital Management), has made a senior appointment to its Board in securing the services of well known insurance and reinsurance industry leader Martin Reith.
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Florida-focused property insurance company FedNat Holding Company has announced the completion of the previously announced $15 million investment into its Monarch National Insurance Company subsidiary by investor Steve Hale’s Hale Partnership, as well as the securing of catastrophe reinsurance by Monarch
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Tropical Storm Risk, one of the insurance and reinsurance industry supported forecast teams, has raised its prediction for activity levels in the 2022 Atlantic hurricane season, while saying landfall chances are above normal as well.
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A new collaborative initiative between global reinsurance broker Gallagher Re and pan-African reinsurer Africa Re aims to strengthen countries against a broad range of climate, crisis and disaster risks and may utilise third-party reinsurance capital alongside traditional to augment capacity.
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Already some 4,360 insurance claims have been filed in relation to the latest outbreak of severe flooding in Australia, according to the Insurance Council.
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The California Earthquake Authority (CEA) has increased the number of reinsurance brokers it will use in future, adding TigerRisk Partners to a panel of three, one of which will be given ILS market placement responsibilities.
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Australian primary insurance giant Insurance Australia Group (IAG) has renewed its aggregate catastrophe reinsurance protection at a higher attachment point and extended the term of its quota share with Munich Re.
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There is some redemption activity going on in the insurance-linked securities (ILS) fund market, according to our sources, which is driving some selling pressure in the secondary catastrophe bond market as well and could prolong the spread widening recently seen.
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The California Earthquake Authority’s (CEA) reinsurance and catastrophe bond based risk transfer program has shrunk back to just slightly under $9.3 billion in size, as the insurer also experiences challenges in the market due to harder pricing.
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The widening of spreads in the catastrophe bond market drove underperformance across much of the insurance-linked securities (ILS) market in May 2022, with funds invested into private ILS and collateralized reinsurance structures faring best.
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Broking group WTW, working with the Mesoamerican Reef Fund and InsuResilience Solutions Fund, has announced a renewal and expansion of the innovative parametric hurricane insurance program to protect the coral reef, while adding additional capacity from reinsurance firm Munich Re.
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Executives at Munich Re explained that they have been seeing a continued hardening of reinsurance rates and that they believe this could last another 24 months, but are adjusting their exposures to suit the market environment, according to analysts from Goldman Sachs.
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The government of the Philippines is said to be looking at sources of reinsurance capital to underpin the Philippine Crop Insurance Corporation (PCIC) scheme, while parametric triggers are also being explored to make the coverage more widely available and responsive.
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