insurance

Tornadoes, severe thunderstorms and related convective weather plus flooding are set to drive hundreds of millions in losses across the United States and Europe this week, according to Aon unit Impact Forecasting.

A new report shows that weather related disasters were the primary driver of displaced people in 2020, with almost three-quarters of people internally displaced affected by weather, with storms and flooding the primary peril drivers of this.

The CATCo Reinsurance Opportunities Fund Ltd., the listed, retrocession focused insurance-linked securities (ILS) fund strategy managed by Markel CATCo Investment Management, has gained roughly 8% in the last month thanks to a further reduction in claims from 2017 and 2018 wildfire loss events.

The Lloyd’s of London market for insurance and reinsurance is underwriting increasing premium values related to climate risks, but there are clear opportunities to continue narrowing climate-linked protection gaps, even in emerging economies.

Florida headquartered, expansive catastrophe exposed primary property insurer United Insurance Holdings (UPC Insurance),has entered into a $120 million quota share reinsurance arrangement as part of the deal to sell some of its northeast U.S. business to HCI Group.

This week, the World Bank Group announced its new Climate Change Action Plan, featuring a range of commitments to ramp up and deliver record levels of climate finance, while catastrophe bonds, disaster risk financing and insurance against climate risk are also mentioned as key elements of the plan.

The industry loss to insurance and reinsurance markets from March’s severe flooding that affected New South Wales and Queensland, Australia has now been revised down by just over 13% to A$916 million (around US $700m) by PERILS.

Horseshoe, the Bermuda-headquartered insurance or reinsurance management, fund administration, insurance-linked securities (ILS) specialist, has announced a new hire, appointing Jasmine DeSilva as Senior Vice President, ILS Strategic Initiatives & Business Development.

Aon Securities, the capital markets, investment banking and insurance-linked securities (ILS) focused arm of the insurance and reinsurance broker, has announced the hiring of Sourna Daneshvar as a Managing Director with a focus on capital raising and product innovation.

Global reinsurance firm Swiss Re has released UK £437 million of capital by selling a chunk of its shareholding in the largest European pension and life consolidator Phoenix Group Holdings.