It’s just a matter of time before the use of industry loss triggers for risk transfer transactions broadens and is more widely used, which in turn will unlock more diversifying risk into certain sub-sectors of the insurance-linked securities (ILS) space, according to Tom Johansmeyer, Head of PCS.

Global reinsurance firm Hannover Re has become the latest to add a significant increase to its estimate of losses from the COVID-19 pandemic, lifting its total reserved for claims related to the coronavirus by roughly 43% to US $1.44 billion.

Palomar Insurance Holdings, the speciality California-based insurer that provides largely catastrophe exposed property products, has expanded its aggregate reinsurance protection with a new purchase, but also revealed some recoveries under other reinsurance contracts from the end of last year.

AXIS Capital, the Bermuda-based globally-active insurance and reinsurance company, is to part ways with its current Global Head of Risk Funding Ben Rubin, who will leave the company for sector focused private equity investor Stone Point.

Beazley, the Lloyd’s market focused specialist insurance and reinsurance underwriter, fell to a $50.4 million loss for 2020, with a combined ratio of 109%, but targets a more profitable year in 2021 with no additions to its COVID-19 pandemic claims in the fourth-quarter.

The Perth Hills bushfires, which continue to burn to the north east of Perth, Western Australia, has now been declared a catastrophe, as it continues to destroy structures and losses from claims are estimated to have reached $40 million, according to the Insurance Council of Australia.

While reinsurance capacity is abundant and available, enough to dampen rate increases slightly at the January renewals, the continuing existence of uncertainty in the market means that for reinsurance, “Despite plenty of available capital, it is of course not available at any price,” according to Lockton Re’s Ross Howard.

Lodgepine Capital Management Limited, the retrocessional reinsurance ILS fund management unit of Markel Corporation, had a “terrific” year in 2020, delivering double-digit returns on its portfolio which largely avoided any loss impacts during the period.