It’s being reported by local press that the property insurance reforms enacted in Florida during the special session of the legislative in May are in some cases having a negative effect, as they are resulting in reduced options for coverage, while prices are also being driven up.
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Reinsurance giant Swiss Re has appointed well-known UK based insurance-linked securities (ILS) focused executive Andy Palmer as the new CEO of its Swiss Re Capital Markets Limited business.
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According to a staff climate paper published by the International Monetary Fund (IMF), catastrophe bonds are one of “the most prominent innovations in the field of sustainable finance in the last 15 years,” but the organisation believes more use of them is needed to cover burgeoning catastrophe and climate risks.
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The Australia flood event in February and March 2022 has now become the second costliest severe weather related catastrophe event in the country’s history, as claims continue to rise and the overall industry loss is now pegged at AU $5.134 billion by the Insurance Council.
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Global reinsurance giant Swiss Re reported its first-half 2022 results this morning and revealed a continued strong appetite for growth into natural catastrophe business, as it remains one of the larger players to keep its core focus on protecting society against disasters and weather events.
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Florida Chief Financial Officer (CFO) Jimmy Patronis has responded to the Office of Insurance Regulation’s (OIR) announcement of a plan to launch a temporary reinsurance arrangement through Citizens Property Insurance Corporation as “unprecedented,” but in reality this along with other state-supported reinsurance all push more risk on taxpayers and citizens.
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RenaissanceRe is managing the volatile ceded reinsurance and retrocession market by leveraging its ability to cede more risk to its managed capital and so buy less on the open market, according to comments made by its CEO.
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Global reinsurance firm Munich Re estimates that global insured losses from natural catastrophe events reached $34 billion in the first-half of 2022, as over half of the economic loss tally was covered.
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Universal Insurance Holdings, the Florida headquartered primary insurance carrier, has cited the states challenging insurance claims environment as a key driver of a technical underwriting loss for the second-quarter of the year.
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For now a third year in a row, the California Wildfire Fund is going without reinsurance or any form of risk transfer in 2022, as the market pricing on offer still does not meet the Fund’s goal of extending its durability.
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U.S. Senator Marco Rubio (R-FL) has waded into Florida’s property insurance crisis, adding to calls for a Federal review of the states dependence on Demotech as a rating agency.
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Global insurance and reinsurance firm Everest Re reported a 15.3% annualised return on equity (ROE) for the second-quarter, despite suffering $85 million of catastrophe losses, all while further reducing its cat exposure at the renewal season.
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Global reinsurance firm SCOR has made a relatively significant pull-back from US catastrophe risks at the mid-year renewal season, with its gross premiums written in the United States down 24%.
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In an effort to further stabilise its property insurance marketplace, the Florida Office of Insurance Regulation (OIR) has announced a plan to launch a temporary reinsurance arrangement through Citizens Property Insurance Corporation.
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