The catastrophe bond market “finds itself at a record-breaking pace” according to Aon Securities and this is expected to continue through the rest of 2021 and into next year, while keen pricing is also likely to remain a feature of new issuance.
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Having access to diverse and efficient sources of capital and ensuring they are treated as equal is increasingly a key trait of a successful reinsurance company, something the CEO of global player Everest Re clearly understands.
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So far this year, 21 privately placed catastrophe bond transactions have been issued with a combined value of more than $672 million, which is almost double the volume witnessed for the entirety of 2020, as shown by the Artemis Deal Directory.
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With catastrophe and severe weather losses running an estimated 41% above the long-term average after July for the global insurance and reinsurance industry, analysts at investment bank Jefferies warn that it is becoming increasingly likely catastrophe budgets are exceeded this year.
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Hudson Structured Capital Management (HSCM), the reinsurance, insurtech, insurance-linked securities (ILS) and transportation focused investment manager, has promoted three of its senior staff to become new Partners in the firm.
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US primary insurance carrier Allstate has added another $227 million of pre-tax catastrophe losses for the month of July 2021, which is much higher than the prior year’s $145 million.
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Home insurtech company Kin Insurance has upgraded and expanded its catastrophe reinsurance program, which the company says reflects its commitment to helping homeowners most affected by climate change.
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We should expect accelerating catastrophe bond issuance from Asia’s ILS domiciles, more cat bond and insurance-linked securities sponsors to emerge from the region and a gradual increase in use of alternative reinsurance capital in Asia Pacific, according to Fitch Ratings.
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Isosceles Insurance Ltd., the private insurance-linked securities (ILS) and catastrophe bond issuance platform operated by Marsh McLennan and reinsurance broker Guy Carpenter, has issued three new tranches of notes, that together total just over $32.75 million of private cat bond notes.
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Hurricane Grace is soon to make landfall on Mexico’s Yucatan Peninsula, with sustained winds of 80 mph and gusts closer to 100 mph and a dangerous storm surge expected.
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Expectations for insurance and reinsurance market losses from the July flood disaster in Germany are rising, with regulator BAFIN estimating the toll at €5.7 billion, around €1 billion of which it expects will fall to reinsurance firms from the country.
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The Government of Haiti will receive a payout of roughly US $40 million after its CCRIF parametric insurance policy was triggered by the devastating earthquake that struck the country on August 14th, with $15 million to be delivered within 7 days of the event.
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After a particularly busy first-half of 2021 for catastrophe bond issuance, global reinsurance firm Swiss Re’s Capital Markets unit believes that a $50 billion market is possible by 2025 and that two drivers of further insurance-linked securities (ILS) market growth could be pandemic risk and ESG.
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Investor demand for environmental, social and governance (ESG) appropriate investment opportunities and asset classes is expected to become a key driver for the insurance-linked securities (ILS) market going forwards and a new fund launch from giant asset manager BlackRock only serves to reinforce this belief.
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