Reinsurance News

Raincoat, an insurtech that develops scalable embedded climate insurance products with parametric triggers, has raised a $4.5 million seed round to help it build-out its mission to provide climate disaster insurance for a new era.

With environmental, social and governance principles (ESG) growing in relevance in Bermuda, Sherman Taylor, Ocorian’s Head of Capital Markets in the country, has shared his views on the matter as part of Artemis’ Q2 2022 Catastrophe Bond & ILS Market Report.

The temporary reinsurance arrangement for downgrade-challenged carriers announced last week by Florida’s Office of Insurance Regulation (OIR) will not put the risk transfer arrangements of Citizens Property Insurance Corporation on the hook for any claims or losses through the scheme.

Specialty insurance and reinsurance player Brit Ltd. reported delivering more income to its third-party capital partners and investors in its ILS-style reinsurance structures through the first-half of the year in 2022.

Rates for commercial property insurance in the United States may begin to accelerate again in future quarters, as carriers absorb the costs of higher reinsurance pricing and capacity reductions continue, according to broker Marsh.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has expanded its risk pool by 10% year-on-year, as its member governments renewed $1.2 billion of parametric insurance coverage against catastrophe, climate and seismic perils.

Wildfire season in California has continued to escalate with more structures burned and reports of extreme fire behaviour in high temperatures, low humidity and drought conditions, with almost 300 structures now burned by the two largest blazes.

The market for natural catastrophe reinsurance underwriting remains “very hard” at this time, according to Swiss Re’s CEO Christian Mumenthaler, who also noted today that alternative capital is “not as keen” as it was to enter there.

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.

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.