The U.S. Federal Emergency Management Agency (FEMA) is back in the reinsurance market, beginning the process towards a January 2022 renewal of the National Flood Insurance Program’s (NFIP) traditional reinsurance program, alongside which is expected to be a new catastrophe bond as well.
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US primary insurance carrier Allstate expects a $1.4 billion gross loss from recent hurricane Ida, but said that this will be reduced significantly to an estimated $631 million, pre-tax, thanks to what appear significant reinsurance recoveries from its excess-of-loss program.
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Hurricane Ida “reminds us that the strength and trajectory is what is important when it comes to hurricanes” and that “there is always a lot to learn from every event”. This is according to Luca Albertini, CEO of London-headquartered Leadenhall Capital Partners LLP, a subsidiary of MS Amlin.
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Even though the global reinsurance market remains awash with capacity, it remains rational in its insistence of continued rate increases, in order to assume risks that are viewed as intensifying, according to KBW’s analyst team.
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The collateralized reinsurance market is estimated to have grown to around US $50 billion by the end of the first-quarter of 2021, with capacity having increased slightly following a more challenging period, according to AM Best.
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The main mutual insurance-linked securities (ILS) and reinsurance linked mutual investment funds have experienced some declines in the wake of the recent landfall of major hurricane Ida.
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Hurricane Ida is a completely different kind of loss to Hurricane Katrina, because there was no element of surprise when the category 4 storm ploughed into the Louisiana coastline on 29 August, 16 years after Katrina. This is according to Matt FitzGerald, managing partner at Gallagher Re.
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Fitch Ratings has made an interesting observation related to the Jamaica’s first catastrophe bond, the $185 million IBRD CAR 130 transaction that came to market in July. It represents the largest World Bank facilitated cat bond, relative to the sponsor government’s GDP.
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Global reinsurance firm Swiss Re is “very active” in creating new products for insurance-linked securities (ILS) investors, according to its CEO, who also sees the need for the capital markets to play a role in protecting against other risks that affect economies.
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French reinsurance company SCOR “kicked itself” for not having renewed its mortality catastrophe bonds in the past, the firms new CEO Laurent Rousseau explained today.
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Primary mutual insurer USAA continues to work through the reinsurance implications of a range of loss events to its catastrophe bond program, with the latest development being a return of some principal from the Espada Reinsurance Limited (Series 2016-1) to investors.
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In an update on hurricane Nicholas, the latest Gulf of Mexico tropical storm that intensified right up to making landfall and struck Texas yesterday, BMS Senior Meteorologist Andrew Siffert explained that Nicholas could cause an insured loss similar to 2019’s tropical storm Imelda, at around $700 million.
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Envelop Risk, a company that had a managing general agency (MGA) and data driven approach to providing cyber risk analysis and reinsurance underwriting products has raised a significant $130 million Series B financing led by major investor SoftBank and now targets becoming a risk taker as well.
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For specialty insurer and reinsurer, Fidelis Insurance Holdings Limited, utilising third-party reinsurance capital is seen as key to its evolution, according to Dan Burrows, Executive Chairman of Fidelis Bermuda and Group Managing Director.
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