insurance

Swiss Re has highlighted the capital efficiency that a modern and layered risk transfer architecture brings to the property and casualty insurance market, seeing the capital markets and investors as now key elements in a chain that is supporting growing volumes of global risks.

Parametric specialist Descartes Underwriting has announced the hiring of insurance market veteran Sébastien Bardy to the newly created position of Chief Financial Officer, who joins the organisation from German insurer Allianz.

The Lloyd’s market continues to see strong investor appetite for access to the insurance and reinsurance linked returns that the market can generate and its London Bridge 2 insurance-linked securities (ILS) structure has become a key conduit for funds to enter the market, CEO Patrick Tiernan said today.

Catastrophe risk modelling specialist Karen Clark & Company (KCC) has announced the hiring of former Verisk Executive Dr. Milan Simic, who joins the firm as Global Strategy Advisor.

According to Verisk, the global data analytics and technology provider the insurance industry should expect average annual losses (AAL) from global natural catastrophes of $152 billion, with the potential for the total to far exceed that amount in any given year.

The government of the Philippines is aiming to secure enhanced climate-disaster risk financing and insurance capacity, with parametric structures likely to play a significant role, while Global Shield financing vehicles are expected to help fund the initiative.

Mitsui Sumitomo Insurance, a subsidiary of MS&AD Insurance Group Holdings, has unveiled its new parametric insurance product, “Weather Insurance Index”, a new offering designed to help insurers manage financial losses caused by severe or unusual weather.

Catastrophe data aggregator PERILS AG has expanded its real-time industry loss forecasting software tool, known as Wind-Jeannie, to cover typhoon events in Japan and has also updated the existing loss forecasting tools for Europe and Australian perils.

Liberty Mutual Reinsurance (LM Re) part of Liberty Mutual Insurance Group, and Safehub, a provider of seismic sensor and risk management technology, have launched a new earthquake parametric insurance solution that will help reduce basis risk for parametric re/insurance policies.

Technology advancements promise to transform modelling and analysis of weather and natural catastrophe perils and Planette, a company focused on long-range weather prediction technology, is aiming to provide more accurate forecasts and detect severe weather events weeks to six months in advance using its QubitCast system.