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California to work with UN on sustainable insurance for climate risks

The U.S. state of California is getting increasingly serious about the use of insurance or risk transfer to provide financing against climate risks and financing to support climate adaptation and resilience building.The state is already in the process of putting into place legislation that would allow it to purchase insurance, read the full article →

Guy Carpenter wins California Wildfire Fund reinsurance program

Reinsurance broker and advisor Guy Carpenter has been selected as the sole reinsurance and risk transfer intermediary for the recently established California Wildfire Fund, which is administered by the California Earthquake Authority (CEA).As we previously reported, the California Earthquake Authority (CEA) has gained an expanded remit by taking on administrative read the full article →

California disaster risk transfer bill stalls as Department of Finance objects

The passage of California legislation calling for approval for the state to purchase insurance, reinsurance, insurance-linked securities (ILS), or other alternative risk transfer (ART) structures as financial protection against disasters has stalled.The bill, SB 290 had already passed the California Senate and received unanimous support from the key Assembly Insurance read the full article →

CEA’s Wildfire Fund role includes reinsurance & risk transfer set-up

The California Earthquake Authority (CEA) will look to set up a reinsurance and risk transfer program for California’s recently approved $21 billion wildfire insurance fund, we can now confirm.As we reported earlier this month, the California Earthquake Authority (CEA) is gaining an expanded remit, as it is set to take read the full article →

CEA takes on Wildfire Fund admin. Remit could see re/insurance bought

The California Earthquake Authority (CEA) is gaining an expanded remit, as it is set to take on administrative responsibility for California's recently approved $21 billion wildfire insurance fund.The $21 billion wildfire insurance fund is being set up to provide a source of capital that will cover some of the costs read the full article →

California disaster risk transfer bill proceeds, but quakes removed

The California legislation that calls for approval for the state to purchase insurance, reinsurance, insurance-linked securities (ILS), or other alternative risk transfer (ART) structures, to help fund the economic burden from natural disasters, continues to make progress.Bill SB 290 had already passed the California Senate recently, as lawmakers voted unanimously read the full article →

California disaster insurance & alternative risk transfer bill passes Senate

The California legislation to enable the state to purchase insurance, reinsurance, insurance-linked securities (ILS), or other alternative risk transfer (ART) products to help pay costs resulting from natural disasters, has now passed the Senate in a unanimous vote.Bill SB 290 had already passed key Senate committees and went to the read the full article →

California disaster insurance & alternative risk transfer bill makes progress

Bill SB 290 that if enacted would enable the California Governor, Insurance Commissioner, and Treasurer to purchase insurance, reinsurance, insurance-linked securities (ILS), or other alternative risk transfer (ART) products to help pay costs resulting from natural disasters, is making progress.The bill passed a key committee of the Senate Governmental Organization yesterday read the full article →

Parametric California quake BI insurance developed by Swiss Re

Global reinsurance firm Swiss Re has partnered with program manager Arrowhead and insurance partner Falls Lake to launch an innovative parametric California earthquake business interruption insurance product for commercial clients.Swiss Re has developed the proprietary risk model for the earthquake business interruption insurance product named Quake Assist.Working with primary insurance read the full article →

Bill calls on California to use re/insurance, ILS & ART for natural disasters

A bill has been introduced that if enacted would authorise the California Governor, Insurance Commissioner, and Treasurer to purchase insurance, reinsurance insurance-linked securities (ILS) or other alternative risk transfer (ART) products to help pay costs resulting from natural disasters.California is of course particularly exposed to major earthquake events, but it read the full article →