Reinsurance News

The African Risk Capacity (ARC) has now presented the Government of Madagascar with a “symbolic” $10.7 million cheque after the impacts of tropical cyclone Batsirai triggered the country’s parametric tropical cyclone insurance coverage.

Pool Re, the UK government backed mutual terrorism reinsurer, saw significant interest and appetite from the capital markets for the issuance of its £100 million (USD 131m) Baltic PCC Limited (Series 2022-1) terror catastrophe bond, leading to an increase in the number of investors compared to its 2019 placement.

Australian primary insurer IAG expects to incur net costs of around AUD 74 million for the storm and flooding event that started in February 2022, which represents a decline on the March 1st estimate as the carrier utilises $95 million of its aggregate reinsurance protection, post-quota share.

The Insurance Council of Australia (ICA) has reported that insurers in the country have received 107,844 claims from the severe flooding in Southeast Queensland and New South Wales, lifting the insured loss estimate to $1.62 billion.

Jim Fiore, previously QBE Insurance’s Chief Reinsurance Officer, has joined insurance and reinsurance broker Aon as Chief Strategy Officer, Capital Advisory.

Core Specialty Insurance Holdings, Inc. has created a new Fronting Division, and hired Scott Snyder from Ambac Financial Group to lead the new specialty business unit as President of Fronted Programs.

As many Lloyd’s and London market insurers retreat from the catastrophe space, amid elevated losses and the uncertain but increasing impacts of climate change, some underwriters could look to alternative reinsurance capital sources to help maintain their cat portfolios.

The flooding in Southeast Queensland and New South Wales has now resulted in 96,844 claims, which based on previous flood events is an estimated insurance industry cost of $1.45 billion, according to the Insurance Council of Australia (ICA).

According to recent data from the Bermuda Monetary Authority (BMA), use of insurance-linked securities (ILS) such as catastrophe bonds shrank among Bermuda-based insurance and reinsurance firms between 2019 and 2020, but other often collateralized structures such as ILW’s and quota shares increased in prevalence.

As conversations around cybersecurity and risk management increasingly occur at the board level, insurance-linked securities (ILS) investors and reinsurers should be excited, but must tread quickly and wisely, according to Thomas Nuth, Vice President of Marketing at DeNexus.