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Cat bonds for humanitarian & relief needs in focus at Howden

After having played a role in the issuance of the world's first catastrophe bond for volcano related disasters, the Howden insurance and reinsurance broking group wants to expand the use of catastrophe bonds to cover humanitarian funding and other types of disaster relief. The ground-breaking volcanic risk catastrophe bond was issued read the full article →

AXA Climate to back Mesoamerican Reef parametric hurricane insurance

In June we wrote about the launch of a project to develop an innovative parametric insurance program to protect the Mesoamerican Reef system and the communities that rely on it against impacts from hurricanes. Now, it's been announced that the insurance carrier sitting behind the parametric reef insurance policy is AXA read the full article →

Red Cross targets cat bonds for nature-based, humanitarian, resilience financing

The Red Cross, working alongside insurance-linked securities (ILS) risk securitisation facilitator and risk transfer consultancy Replexus Group, is developing a solution to promote nature-based solutions to disaster risk, financed partly through the use of catastrophe bonds, as well as other humanitarian and development scenarios. Recently, the Danish Red Cross successfully delivered read the full article →

Parametric hurricane insurance program to cover Mesoamerican Reef

The Mesoamerican Reef system which lies in the Caribbean Sea, touching the coasts of Mexico, Belize, Guatemala and Honduras, is set to benefit from an innovative parametric insurance program to protect the reef and communities that rely on it against hurricane impacts. Dubbed a "world-first post-hurricane insurance protection", the parametric insurance read the full article →

Climate change could take 18% off global GDP, warns Swiss Re

Driving home the importance of climate risk mitigation, resilience building and also the role of insurance or reinsurance in providing climate risk transfer, global reinsurer Swiss Re warns that the world's economy risks a significant hit as the climate changes. If no mitigating actions are taken to prevent or build resilience read the full article →

Climate to drive massive demand for contingent risk capital: Douglas, ILS NYC 2021

The deepening of the world's understanding, measurement and valuation of climate risks is going to drive a massive demand for contingent risk capital, which parametric triggers and insurance-linked securities (ILS) will be well-suited to serve, Rowan Douglas of Willis Towers Watson explained during our ILS NYC event this week. Rowan Douglas, read the full article →

“Time to act” as climate role in disaster losses increases: Jeworrek, Munich Re

It is time for the world to act on climate change as it will play an increasing role in disaster losses, Torsten Jeworrek of reinsurance company Munich Re warned today. Munich Re reported today that the global insurance and reinsurance industry faced some $82 billion of natural disaster losses in 2020, read the full article →

Climate risk protection gaps need capital market (ILS) solutions

The physical climate risk protection gap, so the gulf between climate related losses covered by insurance, reinsurance or risk transfer and those going uncovered, is widening, but instruments such as insurance-linked securities (ILS), catastrophe bonds and other blended financing solutions can help to narrow this gap. In real estate the climate read the full article →

Leadenhall assists on physical climate risk disclosure guidelines

The Climate Measurement Standards Initiative (CMSI), an Australian led collaboration on the physical risks of climate change and their disclosure, has developed a set of open-source, voluntary guidelines to help banks, financial institutions and insurers better assess the risk and quantify the costs of climate-related damage. London-headquartered insurance-linked securities (ILS) and read the full article →

Climate change a systemic risk without global action: Munich Re’s Jeworrek

Global action to combat climate change is essential to avoid the exposure becoming systemic in nature, which might cause it to become less insurable, according to Munich Re's CEO of Reinsurance, Torsten Jeworrek. Speaking during a media briefing held as a virtual replacement for the Monte Carlo Rendez-Vous event, which was read the full article →