insurance

Swiss Re Capital Markets, the insurance-linked securities (ILS) focused unit of the global reinsurance firm, has successfully helped to bring the first parametric catastrophe bond covering some of the earthquake risks in a portfolio of mortgage investments to market.

There has been another sharp increase in insurance industry losses from the Australian bushfire season, as the total has now reached A$995 million and will rise further in the coming days.

Specialist insurance, reinsurance and ILS capital manager Hiscox has provided the capital to back a novel parametric cyber risk transfer arrangement that is based on a trigger from PCS and was transacted on the technology platform created by AkinovA.

Australian primary insurance giant Suncorp is the latest to provide an update on its losses from the ongoing bushfire disaster in the country, saying that it currently counts losses of up to $345 million but notes that it has drop-down and aggregate reinsurance that could come into play.

Investors are circling shares in retrocessional reinsurance investment manager Markel CATCo’s listed insurance-linked securities (ILS) fund, partly due to share price increases experienced in recent weeks, but also over the potential for subrogation to benefit any holdings they have.

Global reinsurance giant Munich Re’s NatCat service has released estimates for the industry insured losses from Japanese typhoons Hagibis and Faxai, pegging them at $10 billion and $7 billion respectively.

Rates for catastrophe exposed homeowners and commercial property insurance rose through the fourth-quarter of 2019, with further rate increases also expected as insurers pull-back from areas particularly affected by disaster losses in recent years.

Neon Underwriting, the specialty insurance and reinsurance operation that is part of American Financial Group, Inc., is to go into run-off, as its parent decided that it isn’t generating a sufficient return on its investment through its participation at Lloyd’s.

As anticipated, insurance industry losses from the ongoing bushfire devastation across Australia are soaring as more clarity on the number of claims comes in, with the total now reaching US $485 million (A$700 million).

Insurance-linked securities (ILS) investors are looking for greater certainty on cyber risk before diving into underwriting cyber reinsurance contracts in ILS form. While this market is still developing, CyberCube is working directly with the industry to try to drive greater understanding and comfort of the risks involved.