italy

Speaking to a local Italian daily newspaper, Massimo Figna, founder and CEO of hedge fund manager Tenax Capital, explained that with insurance penetration extremely low, Italy would benefit from the use of catastrophe bonds, which he believes investors would “snap up.”

Italian primary insurance company UnipolSai Assicurazioni S.p.A. has returned to the catastrophe bond market for what will be its fourth issuance, with a €100 million Azzurro Re II DAC (Series 2022-1) issuance that seeks to extend its sources of earthquake reinsurance protection from the capital markets.

Italian primary insurance company UnipolSai Assicurazioni S.p.A. demonstrated a long-lasting commitment to engaging with the insurance-linked securities (ILS) market with its recently completed EUR 100 million Azzurro Re II DAC (Series 2020-1) catastrophe bond, according to executives at Willis Re.

Italian primary insurance company UnipolSai Assicurazioni S.p.A. looks set to secure its latest catastrophe bond backed source of reinsurance coverage within the initial price guidance and with the European earthquake catastrophe bond Azzurro Re II DAC (Series 2020-1) still on target at EUR 100 million.

UnipolSai Assicurazioni S.p.A., the Italian primary insurance company, has returned to the catastrophe bond market to sponsor a new European earthquake catastrophe bond, with an Azzurro Re II DAC (Series 2020-1) transaction that targets at least EUR 100 million of reinsurance protection against quake losses for the insurers’ Italian portfolio.

The insurance and reinsurance industry loss estimate for the series of earthquakes which hit Central Italy between the 26th and 30th October 2016 has risen significantly again, as PERILS AG added another 66% to the total industry bill, taking it to EUR 208 million.

The insurance and reinsurance industry loss from the deadly M6.2 earthquake that struck Italy, near the Umbrian town of Norcia in August 2016 has been increased by 64% to EUR 108 million, but that still only leaves 1.5% of the economic impact covered, according to catastrophe loss data aggregator PERILS AG.

PERILS AG has raised its property insurance and reinsurance industry loss estimate for the series of earthquakes which hit Central Italy between the 26th and 30th October 2016 by over 300%, from the initial estimate of EUR 31 million to a figure of EUR 125 million.

The series of earthquakes which hit Central Italy between the 26th and 30th October 2016 are estimated to have caused a property insurance and reinsurance market loss of just EUR 31 million by industry loss data provider PERILS AG.

The development of the insurance industry loss caused by a devastating M6.2 earthquake which struck in August in Italy, near the Umbrian town of Norcia, has accelerated, with industry loss estimate provider PERILS almost doubling its figure to EUR66 million.