Reinsurance News

Claims from Australia’s recent severe flooding event continued to be counted over the weekend, with the total rising another 2% and the Insurance Council of Australia’s (ICA) industry loss estimate rising to AU $2.3 billion as a result.

Cyber risk is often touted as a potential area of participation for the insurance-linked securities (ILS) space, but owing to its nature, it might be wise to adopt a more bespoke approach to begin with, according to Brittany Baker, Director of Technical Sales at CyberCube.

Markel continues to drive increasing volumes of catastrophe exposed property business through the reinsurance vehicles owned by its insurance-linked securities (ILS) manager Nephila Capital, with the amount of premium ceded through such programs rising 67% year-on-year in 2021.

Impact Forecasting, the catastrophe risk modelling focused arm of insurance and reinsurance broker Aon, has put the economic impact from this weeks magnitude 7.3 Japanese earthquake into the billions, while likening the event to the 2021 quake that caused more than US $2 billion in insured losses.

Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products on its own balance-sheet and also provides fronting for a growing range of risks, has renewed its $25 million aggregate excess-of-loss reinsurance treaty.

Insurance and reinsurance brokerage BMS has announced an expansion of its capital solutions capability, with two key hires announced as the company doubles-down on providing capital agnostic risk financing and transfer solutions.

Youi is the latest insurer in Australia to reveal that its aggregate reinsurance protection will cover its losses from the severe flooding that struck the country in recent weeks, while the latest industry loss estimate for the flood event has now reached AU $2.22 billion.

Yesterday’s significant earthquake in Japan is likely to increase an already relatively heavy first-quarter of catastrophe and other large losses for the global insurance and reinsurance industry, according to analysts at Bank of America, while Plenum Investments said no impact to the catastrophe bond market is expected.

The proposed buy-out schemes for the Markel CATCo retrocessional reinsurance investment funds have now received formal support from the US bankruptcy courts and Markel said yesterday that two lawsuits filed against former Markel CATCo CEO Tony Belisle will now be dismissed with prejudice, as the buy-out offer moves towards its close.

The Demex Group, a climate risk focused insurtech that aims to deliver climate-resilience through financial risk solutions on a global scale, has launched a new climate appraisal service that is designed to provide an assessment of climate-driven risk and provides an input to help companies hedge their climate exposure.