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Double-digit rate increases forecast for Florida reinsurance renewal by S&P

Given the magnitude of the insurance industry losses suffered in regions affected by major hurricanes in 2017, rating agency Standard & Poor's anticipates a continuation of the trend seen in January for rising rates, forecasting double-digit rate increases at the Florida and Caribbean renewals later this year.The trend seen at read the full article →

El Niño in decline but impacting global weather, ~50% chance of La Niña

The current near-record El Niño event appears on the wane, with conditions attributed to the phenomenon said to be in decline, but its effects set to be felt for some time to come, with insurance and reinsurance firms now turning their heads to the possible development of La Niña conditions.The read the full article →

As El Niño intensifies global drought losses to surpass $8bn: Aon

As the 2015/16 El Niño event intensifies there is an expectation that global economic losses from drought will surpass the previous forecasts of $8 billion, suggesting a growing toll for crop insurance, reinsurance and any ILS investors exposed to agricultural lines.Reinsurance broker Aon Benfield's risk modelling specialist unit Impact Forecasting read the full article →

AIR Multiple Peril Crop Insurance (MPCI) model gains traction in ILS

The insurance-linked security (ILS) and reinsurance-linked investment market increasingly shows an interest in adopting the use of crop insurance risk models, as the sector looks to find new avenues to deploy capital into for premium income return. The ILS and collateralized reinsurance market sees crop as a potential new peril.Risk read the full article →

Kalista launches multi-peril crop industry loss warranty (ILW) products

Kalista Global the Bermuda headquartered insurance and reinsurance services firm focusing on the insurance-linked securities (ILS), catastrophe bond, parametric re/insurance and alternative reinsurance sectors, has launched another new product today. Hot on the heels of the launch of an index-based ENSO (El Nino) cover the firm has announced the launch read the full article →

$23 billion global crop insurance claims in 2012 the highest ever: Munich Re

According to Munich Re, the world's largest reinsurer, global crop insurance claims in 2012 reached a massive $23 billion. Munich Re attributes as much as $15 billion of these losses in the U.S. due to the severe drought in 2012. Crop losses are growing with increasing insurance penetration and in read the full article →

Emerging market agricultural insurance premiums set to grow fourfold by 2025

The latest sigma report published by reinsurer Swiss Re discusses the issue of agricultural insurance and reinsurance in emerging markets and suggests that premiums are set to grow fourfold over the next decade or so. Currently the emerging economies of the world make up around 22% of global agricultural insurance read the full article →

Kilimo Salama weather index microinsurance scheme expands to Rwanda

A weather index based microinsurance scheme which has been active in Kenya for more than two years is now expanding its reach to include Rwanda as well. The scheme which offers farmers a way to protect their crops against weather extremes through the use of insurance products with parametric index read the full article →

S&P: Drought to cause over $5 billion of crop insurance losses for private re/insurers

A report from rating agency Standard & Poor's estimates that the U.S. crop insurance and reinsurance sector will see losses of over $5 billion from the severe drought which has been affecting much of the country in 2012. S&P says that however large the loss becomes they believe it will read the full article →

U.S. drought crop insurance losses to reach into billions, hit reinsurers

Just two or three weeks ago many insurance publications were suggesting that crop insurance losses resulting from the severe drought in the U.S. would not be large enough to hit the global reinsurance market. We've been cautious on this point, as we could see the increasing severity of the drought read the full article →