climate risk

Nationwide Mutual Insurance is the latest major US carrier to announce that it is pulling-back, due to catastrophic weather losses and inflation among other reasons, planning to cease writing certain new business as it looks to get a handle on its exposure and claims frequency.

On the heels of the news that State Farm is exiting writing property insurance in California, it’s now been reported that AIG and Farmers are also shying away from the most catastrophe exposed areas.

London headquartered specialty insurance and reinsurance firm Beazley has teamed up with Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, to deliver a range of parametric climate and weather risk transfer products to clients.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has become the latest company to establish a collateralized insurer class of company in Bermuda, named Arbol Re Ltd.

Chinese insurance giant Ping An Property & Casualty Insurance continues to develop innovative parametric insurance products that support the green and blue economy, with the latest being a parametric index trigger product that provides ocean carbon sink risk protection.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has reported a more than doubling of its gross premiums underwritten for 2022, with the total rising to $170 million for the year.

The Bermuda Monetary Authority (BMA) is to continue a focus on responsible solutions in insurance, reinsurance and investment funds in 2023, with products that address climate change and protection gaps a particular priority.

Parameter Climate, the parametric climate focused underwriter and advisor, has achieved profitability in its first year and now moves forward with an appetite for growth into parametric climate, catastrophe and weather risk transfer, with additional capital sources one avenue that can drive expansion.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has announced the hiring of Hector Ibarra as its new Vice Chairman of Latin America (LATAM).

Kettle, the reinsurance focused deep-learning and artificial intelligence (AI) insurtech that launched with a California wildfire focus, has announced its hiring of former Fidelis underwriting leader Brian Espie as Chief Underwriting Officer, while Amit Shah has been promoted to President of Kettle Limited.