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Mexico shows intent with $250m catastrophe insurance renewal

In a positive signal for the continuing use of private insurance and reinsurance capital to support the country's natural disaster and catastrophe insurance needs, the Mexican government has renewed a $250 million layer of traditional catastrophe protection. As part of the government's economic plans for 2023, the Mexico Ministry of Finance read the full article →

Era of catastrophe-focused traditional reinsurers may be over: AM Best

The era of catastrophe-focused traditional reinsurers appears to be over, rating agency AM Best announced today, as the pulling-back continues in some quarters, while the addition of more diversifying lines of business accelerates among once cat-specialist US and Bermuda based reinsurance firms. AM Best explained in a recent report that the read the full article →

Willis Towers Watson launches global insurance facility for resilience

Insurance and reinsurance brokerage Willis Towers Watson (WTW) has today announced the launch of the Global Ecosystem Resilience Facility, an insurance facility designed to help strengthen the resilience of ecosystems and their communities, through the use of efficient risk transfer where catastrophe bonds may feature. The Global Ecosystem Resilience Facility (GERF) read the full article →

World Bank pushes city climate resilience, with role for risk transfer

The World Bank has collaborated with the Global Covenant of Mayors for Climate & Energy to provide technical assistance and $4.5 billion in funding to help cities around the world better prepare for and respond to the impacts of climate change, under the World Bank’s City Resilience Program (CRP). Recently launched read the full article →

Peru to expand El Niño agricultural catastrophe insurance cover

The Peruvian government and the Ministry of Agriculture have chosen to expand the country’s El Seguro Agrario Catastrófico (SAC), or the Agricultural Catastrophe Insurance scheme, to include five more regions, with the launch of an international tender, according to reports. Reports in peruthisweek.com underline the recent impact of El Niño on read the full article →

Peru buys catastrophe insurance to protect farmers from El Niño losses

The government of Peru has established a catastrophe insurance facility for the countries farmers, buying a private risk transfer contract to cover around 550,000 hectares of crops, aiming to cover losses up to around $156m. El Seguro Agrario Catastrófico (SAC), or the Agricultural Catastrophe Insurance, will provide cover t eight Andean read the full article →

2 million African farmers insured for weather & catastrophe risks: Swiss Re

One of the world’s largest reinsurance firms, Swiss Re, recently announced that two million African smallholder farmers are now protected against drought, floods and other natural perils, thanks to the efforts of the World Bank and Swiss Re Corporate Solutions. Back in 2012, Michel Lies, Swiss Re’s Chief Executive Officer (CEO) read the full article →

Asian countries continue to develop catastrophe re/insurance markets

Countries across Asia continue to develop, or pursue the development of, functioning catastrophe insurance and reinsurance markets, which is a positive sign for global reinsurers and the insurance-linked securities (ILS) market. Countries across Asia are some of the most natural disaster exposed in the world, but at the same time have read the full article →

China catastrophe re/insurance system development a ‘difficult project’

Developing a system for catastrophe insurance, reinsurance and a catastrophe fund, across a country as large, diverse and affected by so many natural catastrophe perils as China, is a "very difficult project" according to the China Insurance Regulatory Commission. In a press conference held today, Wang Zuji, the vice chairman of read the full article →

First catastrophe insurance pilot shows opportunities in China

The first catastrophe insurance pilot program has been launched in the Shenzhen, China, as the government looks to expand penetration of catastrophe insurance covers across the nation. The catastrophe insurance pilot scheme has been in the offing for over a year now and Shenzhen is the first region to benefit. Interestingly read the full article →