insurance

The insurance and reinsurance industry loss estimate for the Kahramanmaras Earthquake Sequence that struck Turkey and Syria in February 2023 has been pegged at $5 billion by CRESTA, making it the largest international insured catastrophe loss event of 2023 so far.

Insurance companies have lost control of their claims frequency and the use of technology enabled claims instigation practices to drive more claims through litigation has become a significant social inflationary threat to the industry, with ramifications for the reinsurance and insurance-linked securities (ILS) market, speakers explained in our latest Artemis Live video interview.

Parametric insurance solutions continue to be more broadly adopted, but the technology behind their triggers is also critical and solutions are developing fast, Callum Higgins from Moody’s RMS and Martin Hotz from Swiss Re Corporate Solutions explained in a recent video interview.

Howden, the international insurance group, has hired original Artemis co-founder and former WTW executive Rowan Douglas as its new CEO, Climate Risk & Resilience.

Speaking to a local Italian daily newspaper, Massimo Figna, founder and CEO of hedge fund manager Tenax Capital, explained that with insurance penetration extremely low, Italy would benefit from the use of catastrophe bonds, which he believes investors would “snap up.”

Victor Insurance Managers LLC (Victor), a global managing general underwriter, has launched a third-party capital backed reciprocal insurance exchange to provide additional US property catastrophe capacity for policyholders of its subsidiary, International Catastrophe Insurance Managers LLC (ICAT).

Reflecting the severity of recent severe thunderstorms and convective weather events in the United States, modeller CoreLogic has estimated that the stretch of activity between just June 11th and 15th could result in insurance market losses of up to $10 billion.

As the United States continued to experience outbreaks of severe convective storms (SCS), large hail and some tornadoes in recent days, Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re said the total cost to the insurance industry from this peril has likely surpassed $25 billion year-to-date.

Insurance and reinsurance broking group Aon believes that artificial intelligence and prescriptive analytics for automated decision-making could be drivers for the creation of over $100 billion of new insurance premiums.

According to the Insurance Council of New Zealand, insurers have now paid $1.08 billion of an estimated $3.18 billion of claims after the two climate disasters that affected the country this year, the Auckland Anniversary Weekend floods and Cyclone Gabrielle.