An innovative new sensor derived and triggered parametric insurance policy designed to cover auto dealer lots against hail storm damage has been launched by insurtech Understory, backed by MSI GuaranteedWeather and reinsurance capital.

The biggest challenge to the market over the last 12 months has been the impact of loss creep from prior year events, while the threat of climate change is increasingly on the minds of industry participants, according to the results of our second global reinsurance market survey.

A new study looking at the damage caused by hurricanes since 1900 concludes that there is a trend towards larger and more destructive storms, while the most damaging of them are said to be occurring more frequently, with climate change and global warming said a driver.

Guy Carpenter, the reinsurance broking arm of Marsh & McLennan, has announced two senior hires in Bermuda who join the firm from rival Aon, as well as a number of changes to the leadership structure of its island broking operations.

The African Risk Capacity (ARC) has now made a payout of $745,000 to the Government of Côte d’Ivoire after a deficit of rainfall during the growing season triggered the countries parametric insurance policy.

As bush fires burn out of control in New South Wales and Queensland, Australia, the weather forecast authorities have raised the first ever warning of “catastrophic” bush fire conditions for the Sydney surroundings on Tuesday.

The formation of Lumen Re, LGT ILS Partners’ Bermuda-based Class 3A reinsurance underwriting vehicle, was driven by a number of factors and sees the ILS manager try to combine the best of both worlds.

Major reinsurance firms are unimpressed with the way rates have responded to recent catastrophe loss years so far, but with another set of losses in Japan they hope for the frustrations to give way to more positive pricing momentum in 2020.