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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 →

Allstate estimates California wildfire losses at approx $452m

Primary insurance giant Allstate has estimated that the California wildfires will cost the firm around $452 million in losses, before tax, which took its October catastrophe loss tally to $514 million. Allstate said that 11 catastrophe events cost the firm $502 million, which added to $14 million of reserve strengthening on read the full article →

Wildfire losses hit record level on October fires in California & Portugal

Wildfires in California and Portugal have made October the most costly month for that peril for the insurance and reinsurance industry, with around $8.2 billion in losses for the sector, according to Aon Benfield's Impact Forecasting unit. As we wrote last week, reinsurance broker Aon Benfield believes that the California wildfires read the full article →

California wildfire insured loss expected to hit $8bn: Aon

Insurance and reinsurance industry losses from the recent California wildfire outbreaks are expected to hit $8 billion, making the event the costliest insured wildfire loss on record, according to Aon Benfield unit Impact Forecasting. With insurers estimates of losses now coming in and at the high-end of expectations in some cases, read the full article →

RenaissanceRe warns on wildfires, third-party capital could be exposed

Bermudian reinsurance firm and third-party reinsurance capital manager RenaissanceRe put out a warning that it expects the California wildfires to result in a financial impact to the firm that will be "significant and could be material" which could suggest some of its third-party capital vehicles may also be exposed. RenaissanceRe manages read the full article →

RMS puts California wildfire cost at up to $8bn, insured loss to be similar

Catastrophe risk modelling firm RMS has estimated the economic costs of the wildfires in the wine region of California as between $6 billion and $8 billion, explaining that the high penetration rates of wildfire insurance coverage means that the industry loss is expected to be similar. RMS' estimate that the wildfire read the full article →

AIR puts northern California wildfire industry loss at up to $3bn

Catastrophe risk modelling specialist AIR Worldwide has issued an estimate of insurance and reinsurance industry losses from wildfires in the northern areas of California, saying that the bill for the sector is likely to be from $2 billion to as much as $3 billion. It's important to note that AIR's estimate read the full article →