insurance

An estimate of insurance and reinsurance industry losses from the severe bushfires in Australia over the last season has been raised by 19%, with the hours clause appropriate seven consecutive day period loss now seen as A$1.86 billion (almost US $1.3bn) by PERILS AG.

The African Risk Capacity (ARC), a parametric sovereign disaster risk insurer for African nations, has paid the government of Madagascar $2.3 million after its parametric drought insurance policy was triggered in the last growing season.

Florida headquartered, expansive catastrophe exposed primary property insurer United Insurance Holdings (UPC Insurance) has pre-reported an expected $30 million pre-tax hit from numerous catastrophe and severe weather events that struck its book of business in the second-quarter.

Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, has finally made its payments to insurance, reinsurance and other entities holding subrogation claims rights, amounting to an $11 billion settlement.

Currently, bottom-up Covid-19 pandemic loss announcements from insurance and reinsurance companies stand at only around $6 billion, some way short of the wide ranging $30 billion to $100 billion industry loss estimates and broker Willis Re warns it will likely take years to catch up which has ramifications for the ILS market.

Lloyd’s of London, the specialist insurance and reinsurance marketplace, has this morning pitched three possible solutions to pandemic and systemic risk insurance provision, as it seeks to bring constructive discussion to the issues of insurability of pandemic risk exposure and other major systemic risks.

Insurance and reinsurance broker Aon has elected to end the staff salary reductions it had introduced back in April, saying that “the overall macroeconomic uncertainty and downside are somewhat less significant than anticipated.”

Global reinsurance giant Munich Re has completed a £1 billion longevity swap arrangement for the Willis Pension Scheme, in a longevity hedging deal that covers some 3,500 pension scheme members.

U.S. specialty insurance group Assurant has shrunk down the top of its reinsurance tower at its July 2020 renewal, securing less coverage than a year ago to reflect changes to its exposure and reduced writings.

Heritage Insurance Holdings, Inc., the Florida headquartered and nationally expanding U.S. property casualty insurer, has struck a deal with insurance giant AIG that will see Heritage taking on some of its Private Client Group policy renewals.