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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 →

Ventura County wildfire could add $2bn to insured losses: KBW

A wildfire that has broken out in Ventura County, California in the last day could add as much as $2 billion to the insured loss tally from wildfires in the region, according to KBW's analysts, which would exacerbate the hit from California wildfires to insurance, reinsurance and even ILS capital.Keefe, read the full article →

California wildfires to cost industry up to $10.5bn: AIR Worldwide

The California wildfires are now thought likely to cost the insurance and reinsurance industry up to $10.5 billion by risk modeller AIR Worldwide, a significant uplift on its first estimate after the firm surveyed the affected areas and reassessed replacement values for certain properties.It's a significant increase from AIR's first read the full article →