insurance

Reports from and sources in Japan suggest demand surge is set to be an issue with claims from typhoon Hagibis, as a lack of claims professionals, assessors and loss adjusters has been noted to be slowing the process of insurance claims filing and is expected to inflate claims amounts.

The quantum of an eventual reinsurance market loss from the Australian bushfire disaster remains highly uncertain, as the specific terms and conditions defining an event on individual reinsurance programs will matter, according to A.M. Best.

Fidelis Insurance, the specialty insurance and reinsurance firm launched by Richard Brindle, has announced a new senior hire as it continues to build its expertise in outwards reinsurance and especially quota shares.

Australian primary insurance giant IAG is set to make a claim under its calendar year 2020 main catastrophe reinsurance program that provides it with per-occurrence protection for the recent hailstorm events, signalling that the gross loss impact to this one insurer will surpass A$250 million.

Commenting on the completion of a recent landmark parametric earthquake catastrophe bond, issued for the benefit of an asset manager focused on mortgage investing, Swiss Re CEO Christian Mumenthaler explained why he sees this kind of transaction as important.

The ongoing outbreak of bushfires in Australia are now said to be the costliest example from an insurance and reinsurance market loss perspective, as the latest data shows losses reached A$1.65 billion (US $1.13bn).

The number of special purpose insurers (SPI’s) registered in Bermuda fell in 2019, in-line with activity in the insurance-linked securities (ILS) sector. But overall new licenses for ILS related vehicles remained very strong.

Three tranches of catastrophe bonds exposed to Japanese typhoon wind damage have traded up around 10% in recent weeks, as the market’s view of how large the eventual industry losses from typhoon Jebi and Hagibis will be has moderated somewhat.

Insurance and perhaps reinsurance industry losses from the recent severe hail storm outbreaks across southeastern Australia have risen again, jumping another 26% to hit A$514 million (around US $355m) in the last day.

Reinsurance and its ability to transfer risk into a diversified pool of capital can play a vital role in helping the world to mitigate the negative effects of a changing climate and smooth volatility for carbon-free ventures, the CEO of Swiss Re has explained.