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Global insurance protection gap hit $1.4 trillion high in 2020: Swiss Re

The global insurance protection gap, or the gap between economic losses and those that are insured, widened in 2020 as pandemic related effects drove global macroeconomic resilience to decline by 18%, according to a measure by reinsurance firm Swiss Re. Swiss Re Institute has published its Resilience Index, which shows that read the full article →

CCRIF members renew over $1bn of parametric coverage

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has said that at the renewals of its clients policies in advance of the 2021 Atlantic hurricane season, more than $1 billion of risk has been ceded to the facility through parametric risk transfer arrangements. It's the second year read the full article →

Lockton Re confirms Bob Bisset as Chairman, Global Retrocession

Independent insurance broking giant Lockton has now confirmed the senior hire and appointment of Bob Bisset as its new Chairman, Global Retrocession & Property Specialty, Bermuda and Market Capital of reinsurance broking unit Lockton Re. As we explained back in June, Lockton Re was set to appoint former Aon executive Bob read the full article →

Catastrophe losses still 17% above average after quieter May: Jefferies

Global insurance and reinsurance market losses caused by natural catastrophes and severe weather events are still running some 17% above the average for this time of the year, even after a much quieter month in May 2021. Analysts from investment bank Jefferies estimate that global insured catastrophe losses in May 2021 read the full article →

Florida property insurance reform continues with signing of SB 76

Governor of Florida Ron DeSantis signed into law the latest addition to efforts to reform the Florida property insurance market, as legislators try to stem rising prices and reduce insurance related litigation that has been inflating claims. Governor Ron DeSantis signed Senate Bill (SB) 76, which is his latest commitment to read the full article →

G7 leaders commit to expand climate & disaster risk insurance

After a weekend of discussions in Cornwall, UK, leaders of the G7 (Group of Seven) economies have made a range of commitments to expanding climate and disaster risk insurance, alongside other climate financing pledges. Climate risk and resilience is one of the hottest topics for global leaders this year, the G7 read the full article →

Fronted ILS capital only a “small share” of NZ EQC’s $7bn renewal

Traditional reinsurance capacity continues to dominate the reinsurance program of New Zealand’s state-owned residential property disaster insurance entity the Earthquake Commission (EQC), with fronted capacity from alternative or ILS markets only contributing a "small share" in 2021. As we explained recently, the New Zealand Earthquake Commission (EQC) placed its largest reinsurance read the full article →

EC may approve Aon – Willis Towers Watson merger before July: Report

According to a report from Reuters, the European Commission (EC) may approve Aon's $30 billion acquisition of and merger with Willis Towers Watson (WTW) before the end of this month, which would be in advance of the EC's own deadline. Insurance and reinsurance broking giant Aon is getting closer to realising read the full article →

Recent earthquakes trigger parametric payouts in China & Japan

Two recent earthquake events in Asia have triggered payouts under parametric insurance policies, further demonstrating the valuable protection a well-structured parametric trigger can provide. The parametric covers were backed by global reinsurance companies, we understand, who are often the counterparties to such arrangements given their experience with parametric triggers and structuring read the full article →

US insurers face multi-billion May storm damage claims: Aon

US property insurers and possibly some of their reinsurance providers are facing high-costs from severe storms and convective weather in May, with multi-billion dollar payouts expected by Aon's Impact Forecasting unit. The meteorology and modelling unit of the insurance and reinsurance broker said that after May's weather events, "U.S. insurers face read the full article →