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FLOIR claims data for hurricane Ian already indicates $12bn+ costs

The Florida Office of Insurance Regulation (OIR) is already reporting data on claims filed after hurricane Ian and the initial cut of numbers suggests a bill of over $12 billion is possible just from the claims filed to-date. Right now, the Florida Office of Insurance Regulation (OIR) reports 375,293 claims have read the full article →

Hannover Re: Relative retro advantage after Ian, alternative capital options

Having listened to comments from Hannover Re at its investor day in London this week, analysts from JP Morgan said the reinsurance firm expects to have a relative advantage over some peers when it comes to securing retrocession at renewals, while Goldman Sachs analysts highlighted the reinsurers ability to tap read the full article →

ILS manager Fermat invests in cyber insurtech Elpha

Fermat Capital Management, one of the largest specialist investment managers of catastrophe bonds and insurance-linked securities (ILS), has invested in cyber insurtech start-up Elpha Secure Technology, participating in its $20 million Series A. Elpha calls itself "the first cyber insurance startup to combine proprietary cybersecurity software with coverage to improve risk read the full article →

CoreLogic lifts hurricane Ian insured loss estimate to $31bn – $53bn

Major hurricane Ian is now estimated to have caused a private and public insurance and reinsurance market loss of between $31 billion and $53 billion, from wind, flood and storm surge across all impacted regions, according to CoreLogic. Previously, the company had pegged the insured losses from hurricane Ian at between read the full article →

ILS NYC 2023 – conference tickets now on sale!

We're delighted to announce that Super Early Bird tickets are now on sale for our next insurance-linked securities (ILS) conference, Artemis ILS NYC 2023. Please register soon to secure attendance at the best possible price. Our seventh annual ILS NYC insurance-linked securities (ILS) market conference will be held on February 10th, read the full article →

FEMA reports 25,000 NFIP claims already received for hurricane Ian

The US Federal Emergency Management Agency (FEMA) has reported that its National Flood Insurance Program (NFIP) has already received more than 25,000 claims from hurricane Ian. FEMA's NFIP has now begun issuing advance payments to some claimants, in an attempt to get cash into the hands of those impacted by the read the full article →

ILS fund market return in August 2022 was highest for 23 months

Insurance-linked securities (ILS) and catastrophe bond funds, as a group tracked by ILS Advisers and Eurekahedge, have delivered their highest monthly return in almost two years in August 2022. The average return of insurance-linked securities (ILS) funds was a positive 0.68% return for August 2022, according to the Eurekahedge ILS Advisers read the full article →

Quake, wildfire & diversifying cat bonds sold as Ian drives need for cash

As is the case after any really major catastrophe loss event that is expected to impact reinsurance, insurance-linked securities (ILS) and catastrophe bonds, the fact cat bonds have a secondary liquidity element and can be traded is proving useful to some ILS managers and investors. With hurricane Ian currently estimated to read the full article →

Derivatives & parametrics in scope for Gallagher Re – Senegal climate risk work

Reinsurance broker Gallagher Re has announced an interesting win, in being selected by Senegal’s Public Solidarity Fund (FSN, Fonds de Solidarité Nationale) to develop a comprehensive risk financing strategy, covering climate risk and food security. Senegal’s Public Solidarity Fund is a national authority that delivers financial assistance to populations in the read the full article →

Hurricane Ian could be “overwhelming ” for Florida property insurers: ALIRT

Florida's homeowners insurance marketplace was in a precarious state even before hurricane Ian's devastating impact, but now the fallout and losses that are coming could be "overwhelming" for some carriers, ALIRT's David Paul told Artemis. The magnitude of losses from hurricane Ian may tip more of the state's homeowners insurers into read the full article →