catastrophe

2014 global insured natural catastrophe losses came in at just $31 billion, down from $39 billion a year earlier, according to reinsurance firm Munich Re. Overall economic losses were down as well at $110 billion, compared to $140 billion in 2013.

The latest independent review from ClimateWise, which was prepared by PwC, highlights the important role that insurance, reinsurance and insurance-linked securities (ILS) can play in the financial fight against the perils of climate change.

Global insured losses from natural catastrophes and man-made disaster events are estimated to reach $34 billion in 2014 by Swiss Re’s sigma research unit, below recent annual averages, while economic losses reached $113 billion.

United Nations member countries recalled wording related to the initiative to develop a financial mechanism to protect against loss and damage caused by climate and weather related impacts at last weeks meeting in Lima, Peru.

The “1-in-100” initiative which looks to integrate climate and natural disaster risk into the financial system, through a process of stress-testing and disclosure, continues to gain pace as it gathered support and endorsement from the United Nations recently.

Mariah Re Ltd. has filed an appeal against the recent ruling which found that the terms governing the definition of and process for defining qualifying events under the catastrophe bond were unambiguous and that the payout should stand.

The Governments of Samoa, Tonga, Cook Islands, Vanuatu and the Marshall Islands have called for an extension to the Pacific Catastrophe Risk Insurance Pilot (PCRIP), which was renewed for its third term on November 1st 2014.

The third-quarter of 2014 saw both a below average frequency of catastrophic loss events and below average insurance industry losses as a result, according to the latest data from Property Claim Services (PCS) Q3 2014 catastrophe report.

A New York Federal judge dismissed claims regarding the catastrophe bond Mariah Re Ltd. on Tuesday, according to court transcripts. The judge ruled that the terms governing the definition of and process for qualifying events of Mariah Re are unambiguous.

The United Nations Climate Summit, held in New York this week, has seen the unveiling of a coalition convened to examine how to embed climate and disaster risk stress testing within banking and securities regulation, investment and accounting practices.