insurance

The US weather service NOAA has released its forecast for the 2023 Atlantic hurricane season, predicting a 40% chance of a near normal season, in terms of tropical storm activity in the Atlantic basin.

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.

Swiss-headquartered fintech Cerchia has now announced the launch of its awaited capital markets focussed direct risk transfer platform, a peer-to-peer digital tool that allows protection buyers to access institutional capital providers with no middlemen required.

Tower Limited, the New Zealand based insurance company, has now secured reinsurance reinstatement cover to provide protection for a potential fourth event recovery from its program, after the company announced increased loss estimates for recent severe weather events in the country.

Longevity gains and so the life expectancy of populations are increasing around the world and this is expected to continue with a new wave of gains expected, but the United States has moved the other way, as life expectancy has fallen, according to research from Swiss Re.

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.

The economic losses and cost associated with the ongoing severe flooding event in Europe that has particularly affected the Emilia-Romagna Region of Italy is expected to be significant, rising into the billions of Euros, but the insured losses will be lower as a “significant protection gap” for flood risk persists, broker Aon has said.

Tremor Technologies, the insurtech operator of a programmatic risk transfer marketplace, has added a new feature called TremorTalk, which is a communication tool that sits within the deal-flow itself and is specifically designed for reinsurance placement and related risk transfer activities.

The insurance and reinsurance industry loss estimate for Cyclone Gabrielle’s impacts in New Zealand has been lifted by 25% to NZ $1.925 billion by PERILS AG.

Legislative changes undertaken to reform the Florida property insurance space have “mitigated some of the investor and reinsurer negative sentiment” surrounding exposure in the state, according to United Insurance Holdings Corporation CEO Dan Peed.