Mexico’s cat bond coverage continues, despite shuttering of FONDEN

Mexico's still in-force $485 million IBRD / FONDEN 2020  catastrophe bond will continue to provide the country with important disaster insurance protection, as the beneficiary of the cover has been shifted away from the shuttered FONDEN disaster fund to the country's Treasury. We're told that a notification has been sent to read the full article →

Mexico’s cat bond program set for shake-up or cancellation, as FONDEN to close

Mexico's Fund for Natural Disasters (El Fondo de Desastres Naturales), more commonly known as FONDEN, is set to be dismantled along with more than 100 other government funded public trusts, as lawmakers in the senate voted to reform this area of public funding. Lawmakers have railed against wasted public spending across read the full article →

Swiss Re: H1 2017 insured disaster losses $23bn, 30% below average

Reinsurance firm Swiss Re has given a preliminary estimate for global economic and insured losses from natural and man-made disasters of just $23 billion for the first-half of 2017, which is down 36% on the prior year and 30% below average. Economic losses are estimated at just $44 billion, down read the full article →

First-half natural catastrophe losses way below average: Munich Re

Global economic and insurance industry losses from natural catastrophes in the first-half of 2017 have both come in way below average, with just $19.5 billion hitting re/insurers which is significantly below the $29 billion ten-year average, according to data from reinsurance firm Munich Re. Munich Re has released its latest view read the full article →

U.S. leads 2016 disaster losses due to record convective storms: Swiss Re

The global insurance and reinsurance industry suffered $54 billion of losses in 2016, according to the latest data from Swiss Re's sigma unit, with the United States leading the way due to a record number of severe convective storm events. Swiss Re's final tally for 2016 insured catastrophe and man-made disaster read the full article →

Billion-dollar insured losses from severe U.S. weather in January: Aon

Impact Forecasting, the catastrophe risk modelling unit of reinsurance broker Aon Benfield, has said that severe weather and flooding in the U.S. in January is expected to result in an insurance and reinsurance industry loss in the billions of dollars. Impact Forecasting’s latest Global Catastrophe Recap Report (which you can download read the full article →

Hawaii seeks parametric disaster insurance program for hurricane risk

Proposed legislation in the U.S. state of Hawaii aims to establish a parametric disaster insurance pilot program to transfer its growing hurricane risk to the private insurance and reinsurance markets, which could include capital markets-backed capacity. The bill explains that Hawaii is extremely exposed to natural disaster events such as hurricanes, read the full article →

Climate Index suggests rising frequency of costly weather events

A new climate index developed by the Climate Change Committee reveals the frequency of extreme weather events in the U.S. & Canada continues to rise, suggesting the potential for increased re/insurance industry losses, a trend supported by data from insurance and reinsurance brokerage group, Aon. Launched as a free to access read the full article →

Global insured catastrophe losses rise to $54 billion in 2016: Aon

At $54 billion global insured catastrophe losses in 2016 were the highest since 2012, driven by earthquakes, severe weather, flooding, and tropical cyclones, according to Impact Forecasting, the catastrophe risk-modelling unit of reinsurance broker Aon Benfield. Catastrophe losses during 2016, both economic and insured, were the highest for the last four read the full article →

Natural catastrophe losses in 2016 at four year high: Munich Re

Natural catastrophe losses have soared to a four year high after devastating earthquakes and powerful storms shook the globe in 2016, lifting insured catastrophe losses for the year to $50 billion, according to Munich Re. Economic losses totalled US$ 175bn, a figure two-thirds higher than 2015 losses and nearly matching 2012 read the full article →