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Asian Development Bank launches contingent disaster risk financing solution

The Asian Development Bank (ADB) has launched a new contingent natural disaster risk financing solution which it has named contingent disaster financing (CDF), as it seeks to deliver rapid paying risk capacity for its members after they experience significant natural catastrophe events.Contingent disaster financing (CDF) is a mechanism by which read the full article →

Philippines gets $500m for typhoon Mangkhut from World Bank CAT DDO 2

The Philippines is to benefit from a payout of almost $500 million to assist with its recovery from recent typhoon Mangkhut, as the countries catastrophe contingent line of credit provided by the World Bank has been triggered.The Philippines entered into a $500 million arrangement with the World Bank to support read the full article →

Australian catastrophe & weather losses pass $261m year-to-date

Natural catastrophe and severe weather losses in Australia that fell to the insurance and reinsurance industry in 2018 so far now total roughly AU $261 million, after the Hobart storms and floods industry loss was raised to $100 million by the Insurance Council of Australia.It's still under 3½ months since read the full article →

Pioneer hires Sharpington from BMS for property cat underwriting

Underwriting agency Pioneer Underwriting has hired James Sharpington, formerly of broker BMS, as an Underwriter for its Pioneer CAT property catastrophe team, effective July 2018.The Pioneer CAT team was launched as a new business unit focusing on property catastrophe reinsurance underwriting and while originally aiming to be backed largely by institutional read the full article →

Romania seeks World Bank Catastrophe Deferred Drawdown Option (Cat DDO)

A project is now underway that may see the country of Romania as the next in line to benefit from a Catastrophe Deferred Drawdown Option (Cat DDO) instrument from the World Bank, as the government of the country seeks to enhance its disaster risk financing support.The Catastrophe Deferred Drawdown Option read the full article →

Kenya in line for World Bank Catastrophe Deferred Drawdown Option

The African nation of Kenya is the next country in line to benefit from a Catastrophe Deferred Drawdown Option (Cat DDO) from the World Bank, with a project underway to deliver a $200 million disaster risk financing arrangement including a catastrophe contingent line of credit, alongside development financing.The Catastrophe Deferred read the full article →

Parametric disaster insurance facility for ASEAN to get Japanese funding

Japan is set to back and help fund the launch of the Southeast Asia Disaster Risk Insurance Facility, a parametric disaster insurance pool that will be established to serve ASEAN nations including Laos, Myanmar and Cambodia to begin with.The Southeast Asia Disaster Risk Insurance Facility (SEADRIF) is set for an read the full article →

Insured disaster losses hit record $144bn in 2017: Swiss Re

The insurance and reinsurance industry was on the hook for a record $144 billion of disaster losses in 2017, which was largely driven by natural catastrophe events and the three major U.S. hurricanes, Harvey, Irma and Maria, which alone drove $92 billion of industry losses, according to Swiss Re.Global insurance read the full article →

Aon puts 2017 global catastrophe insured losses at $134bn

Impact Forecasting, the catastrophe and weather risk analysis arm of reinsurance brokerage Aon Benfield, has estimated the insurance industry losses from 2017 catastrophes and severe weather events at $134 billion, just slightly below the record high seen in 2011 of $137 billion.Aon's $134 billion estimate, from its new Weather, Climate & read the full article →

Insured catastrophe losses hit record $135bn in 2017: Munich Re

Reinsurance giant Munich Re said that natural catastrophe events in 2017 have caused record insurance and reinsurance market losses, with the total industry bill estimated at $135 billion, but insurance only covered 41% of the damage as the economic loss from 2017 disasters is pegged at $330 billion.Fellow reinsurance firm read the full article →