insurance

A first estimate for the insurance and reinsurance market industry loss from the recent Kahramanmaras Earthquake Sequence that struck Turkey and Syria in February has been pegged at US $3.5 billion by PERILS AG.

Porch Group, Inc., a software company focused on services to homeowners including insurance, has launched a reciprocal insurance exchange and sees the structure as a strategy that can help reduce the impact of the current hard reinsurance market.

The insurance and reinsurance industry loss estimate for Japanese typhoon Nanmadol, which struck the country in September 2022, has now been lifted to close to US $1 billion by catastrophe loss data aggregator PERILS AG.

Louisiana has seen applications from nine property insurers for its incentive program, with the added funding they may receive likely to serve as a lever to help with the reinsurance cost burdens they face at the upcoming mid-year renewals.

The eruption plume or column from Indonesia’s Mount Merapi would need to reach at least 12km high, for the Danish Red Cross sponsored Dunant Re IC Limited (Series 2021-1) catastrophe bond to be triggered, risk modeller Mitiga Solutions has explained.

This year’s severe flooding that affected the Auckland region of the North Island of New Zealand is initially estimated to have caused an insurance and reinsurance market loss of around NZ $1.65 billion, according to PERILS AG.

For low and middle income countries with an elevated exposure to natural disasters, catastrophe bonds can be a useful tool for financial planning, but the public sector side of the market needs to grow in order for governments to fully realise the potential benefits, according to analysts at DBRS Morningstar.

The state of Florida has a new permanent Insurance Commissioner of the Florida Office of Insurance Regulation (OIR), as Michael Yaworsky has now been confirmed by the Financial Services Commission.

The Danish Red Cross sponsored volcano catastrophe bond is being watched, as Indonesia’s Mount Merapi volcano erupted over the weekend.

Bermuda’s insurance and reinsurance market is readily taking steps to embrace ESG within their business models, but there is a lot to do and the work can become very technical, according to Marisa Savage at PwC Bermuda.