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Aon completes another collateralized intellectual property financing

Aon has announced the completion of another collateralized intellectual property transaction to help brain-assessment device innovator BrainScope secure a financing solution for its intellectual property assets. The insurance and reinsurance broker previously revealed a solution to help intellectual property rich companies to realise the value of their proprietary IP, in a 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 →

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 →

United (UPC) adds $150m to gross hurricane Irma loss

United Insurance Holdings (UPC Insurance), the Florida headquartered and still focused insurer, has revealed a further $150 million of loss creep related to 2017's hurricane Irma, which the company booked at the end of Q1 2021. At the same time, United (UPC) believes that the rate of litigation related claims inflation read the full article →

United (UPC) says Florida to remain “very firm for the foreseeable future”

Florida headquartered insurer United Insurance Holdings (UPC Insurance) has said that it anticipates the Florida personal lines property insurance market remaining "very firm for the foreseeable future". The carrier had recently explained that the litigation issue and resulting loss inflation and amplification continues for Florida homeowners’ insurers, with its data suggesting 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 →

“Significant increase” in litigated Florida claims in Q1: United (UPC)

The litigation issue and resulting loss inflation and amplification continues for Florida homeowners' insurers, with the latest report from United Insurance Holdings (UPC Insurance) suggesting that the issue is worsening in 2021. United (UPC) reported on Friday that it has experienced a "significant increase in litigated claims volume from Florida homeowners’ read the full article →

Florida Citizens to seek $850m of cat bonds before 2021 hurricane season

Florida’s Citizens Property Insurance Corporation is targeting a $2.6 billion reinsurance and risk transfer program in advance of the 2021 hurricane season beginning and within the renewed towers could be $850 million of new catastrophe bonds. Florida Citizens has been growing at an unsustainable rate, which its Chairman previously said makes 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 →

Climate change may increase hurricane damage & losses: AIR-led report

Climate change and the future state of our climate may mean increased damage and ultimately insurance and reinsurance market losses from hurricanes, as more frequent storms and sea-level rise ramp up storm surge impacts in particular. This is the conclusion of a study undertaken by risk modeller AIR Worldwide, insurance and read the full article →