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Wildfire losses should have been priced in, says Fitch

While losses from the ongoing California wildfire outbreak are set to likely be the most significant from the peril ever faced by insurance and reinsurance markets, rating agency Fitch says they should still have been priced into policies. "While insured losses are certain to be significant, they are expected to remain read the full article →

California wildfire properties destroyed rises another 8% to 18,652

The number of properties destroyed by the ongoing California wildfire outbreak has risen by another 8% since yesterday, with the total rising to 18,652 structures, across residential, commercial and other buildings types, largely driven by continued assessment of the Camp fire in Butte County. Yesterday, we reported that 17,354 properties and read the full article →

Wildfire property toll rises further, now 17,354 structures destroyed

The number of residential, commercial and other properties lost to the ongoing wildfire outbreak in California has risen by another 12% since yesterday, with the total number of structures reported as destroyed reaching 17,354, suggesting the industry loss for insurance, reinsurance and ILS market interests keeps rising. Yesterday, we reported that read the full article →

Mutual & listed ILS funds decline further on wildfire threat

The main mutual insurance-linked securities (ILS) and listed reinsurance linked investment fund strategies fell again on Friday as the threat of losses from ongoing California wildfires resulted in a decline in their share prices, while a stock-exchange listed strategy also declined through last week. Since November 9th when the current California read the full article →

Modest wildfire impact possible for Pioneer ILS Interval Fund

The Amundi Pioneer managed interval-style mutual insurance-linked securities (ILS) fund, the Pioneer ILS Interval Fund, is expected to face a "modest" impact from the ongoing California wildfire outbreak. Asset management giant Amundi Pioneer Investment Management manages a growing U.S. mutual insurance-linked securities and reinsurance linked investment fund which has broad property read the full article →

Cat bond funds take NAV hit on wildfire cat bond write-down

Catastrophe bond fund managers have been marking down their holdings in Pacific Gas & Electric Co’s (PG&E) $200m Cal Phoenix Re Ltd. (Series 2018-1) cat bond on the expectation that it could face a total loss of the utility is found liable for the Camp wildfire in California. As a result read the full article →

RMS puts Camp & Woolsey wildfire losses at up to $13 billion

Catastrophe risk modelling specialist RMS has estimated that industry insured losses from the Camp and Woolsey wildfires in California could reach as much as $13 billion, which is aligned with the opinions of insurance, reinsurance and ILS market sources. RMS said that it expects the insurance and reinsurance industry will take read the full article →

California wildfire losses rising, destruction nears 15,500 structures

The amount of property, residential and commercial structures lost in the Camp and Woolsey wildfires in California has risen significantly again since last week, with the number of structures destroyed now almost 15,500 and the loss for insurance, reinsurance and ILS market interests seen even higher. As of Friday 16th November read the full article →

PG&E’s wildfire cat bond marked down for loss, traded at distressed price

Pacific Gas & Electric Co's (PG&E) $200m Cal Phoenix Re Ltd. (Series 2018-1) catastrophe bond has had its secondary market price marked down heavily by brokers who suspect that the cat bond will face a significant, if not total, loss due to the ongoing wildfire outbreak. The liability for the Camp read the full article →

California wildfires have now destroyed over 12,400 structures

The toll of destruction from the ongoing outbreak of California wildfires continues to rise, as the number of structures destroyed has risen again to 12,406, suggesting an increasing loss for insurance, reinsurance and ILS market interests and pointing to an industry loss at the high-end, or above, current estimates. Yesterday the read the full article →