insurance

The first catastrophe bond to benefit the Caribbean island nation of Jamaica has now been launched to investors, with the IBRD CAR 130 transaction, that is being issued via the World Bank, set to provide the Government with a $175 million or greater source of named tropical storm and hurricane disaster insurance protection.

As hurricane Elsa moved across the eastern Caribbean one of the island nations it came close to was St Lucia, which it’s reported has experienced wind gusts to 79 mph and sustained 46 mph tropical storm force winds.

A hurricane watch has been issued for parts of the west coast of Florida, as tropical storm Elsa moves clear of Cuba and into the Florida Straits and the NHC warns of a chance of some strengthening before landfall.

United Insurance Holdings (UPC Insurance), the Florida headquartered insurer, has revealed a bigger than perhaps anticipated second-quarter 2021 catastrophe loss burden, reflecting the costs of storms during the period.

There is an elevated risk of Gulf Coast hurricane landfalls during the 2021 Atlantic tropical storm and hurricane season, while overall activity levels are expected to be broadly in line with the climatological norm, according to ILS investment manager Twelve Capital.

Tropical storm Elsa weakened from its once hurricane status over the weekend and is now heading for a Cuba landfall before it moves into the Florida Straits. But despite being weaker, tropical storm Elsa still has the potential to be disruptive in the state and cause damage.

Insured property losses in the United States hit over $68 billion in 2020, as 19 catastrophe events of more than $1 billion in claims each hit the country during the year, according to data from Verisk’s Xactware and PCS units.

We now have our first hurricane of the 2021 Atlantic tropical storm season, as tropical storm Elsa has intensified as anticipated and now becomes hurricane Elsa, with the forecast still bringing the storm towards Florida over the coming days.

Severe convective weather, thunderstorms, large hail and even a tornado struck Europe over the last ten days, as a heatwave ended and severe storms took over, which actuaries believe could drive over EUR 2.5 billion of insurance market losses.

Reinsurance broker Guy Carpenter has appointed Paul Moody from sister brokerage Marsh as its new UK CEO, with Dominic Samengo-Turner set to replace him as CEO, Marsh Specialty, UK & Ireland. Meanwhile Toby Wemyss has been hired from Willis Towers Watson as Global Head of Facultative Reinsurance, Guy Carpenter.