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Chubb proposes parametric risk transfer solution for pandemics

Global insurance and reinsurance company Chubb has published the details of a proposal for an enormous $1.25 trillion public private risk sharing facility to protect both small and large U.S. businesses against future pandemic risks, with part of the coverage proposed to be structured on a parametric trigger basis. The size read the full article →

Q2 cat losses may be ~25% above average, with civil unrest a driver: CS analysts

Equity analysts at investment bank Credit Suisse said yesterday that they are anticipating the U.S. catastrophe loss burden for the insurance and reinsurance industry in the second-quarter of 2020 will be around 25% above the 10-year average. Part of the driver for the elevated catastrophe loss load is the recent civil read the full article →

Hurricane forecasts raised again, above-normal landfall probability remains

Hurricane forecasts for the 2020 Atlantic tropical storm season have been elevated again to reflect the rapid start to the year in terms of storms already formed, while in addition there remains an above-normal landfall probability for the months ahead, forecasters note. Both Colorado State University and Tropical Storm Risk have read the full article →

Conan Ward & Romel Salam launch US MGA RubiQon with QOMPLX

QOMPLX, an insurtech provider of intelligent decision platforms and operator of managing general agency's (MGA), has launched US-based subsidiary MGA units named RubiQon Risk & Insurance Services and RubiQon Re, which will be led by sector veterans Conan Ward and Romel Salam. Ward and Salam both worked together at reinsurance firm read the full article →

Catastrophe exposed US property rates rise fastest in Q2: MarketScout

While commercial and personal property insurance rates rose broadly in the second-quarter of 2020, it is the catastrophe exposed regions and segments of the business that are rising fastest, according to MarketScout. There remains a capacity related trend to some of the price rises, as insurers continue to pull-back or restrict read the full article →

CDB & Canada to fund CCRIF premiums for nine Caribbean countries

The Caribbean Development Bank (CDB) and Government of Canada have partnered to fund the CCRIF parametric insurance premiums of nine Caribbean countries, enabling them to continue with coverage despite the fiscal impacts from the Covid-19 pandemic. Canada is financing a new CAD$20 million fund to support the premium needs of the read the full article →

UBS pension gets £1.4bn longevity swap from Zurich & Canada Life Re

The UBS (UK) Pension and Life Assurance Scheme has entered into a £1.4 billion longevity swap arrangement, with global player Zurich acting as the insurer for the transaction and Canada Life Re providing reinsurance capital. The longevity swap arrangement covers roughly £1.4 billion of the UBS pension schemes defined benefit (DB) read the full article →

United (UPC) names Martz as President, Dittman as Chief Risk Officer

Florida headquartered, expansive catastrophe exposed primary property insurer United Insurance Holdings (UPC Insurance) has appointed its CFO Brad Martz as President of the insurer and Chris Dittman takes on the role of Chief Risk Officer, keeping his reinsurance buying responsibilities as well. Both are well-known in relation to United's (UPC) purchasing read the full article →

Chubb reports $1.8bn cat loss hit for Q2, $1.37bn from Covid-19

U.S. and global primary insurance carrier and reinsurance company Chubb, has pre-announced a massive just over $1.8 billion hit from global catastrophes and the Covid-19 pandemic for the second-quarter of the year, setting the stage for other large loss hits from major players. Chubb had previously said it would categorise the read the full article →

Fragile market, perhaps significant ILS capital trapping, to sustain rates – CS analysts

The reinsurance marketplace remains fragile after a number of years of subpar returns and more recent stresses, which is expected to help price increases continue into 2021, albeit at decelerating positive rate levels, according to equity analysts at Credit Suisse. Having spoken with reinsurers and also insurance-linked securities (ILS) sector experts, read the full article →