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Nature Conservancy targets Florida & Hawaii for parametric reef insurance

Having already developed the first parametric insurance policy to insure and enhance the resilience of a coral reef section of the Mesoamerican Reef in Mexico, The Nature Conservancy (TNC) is now looking to expand the product's reach into Florida and Hawaii.The Nature Conservancy (TNC) had partnered with global reinsurance giant read the full article →

Parametric ILS “vital” to reduce protection gaps, increase resilience: Mark Carney, Bank of England

Mark Carney, the Governor of the Bank of England, discussed the role of insurance and reinsurance technology as an essential financial took to smooth the world's transition to a 1.5 degree world and highlighted the role of insurance-linked securities (ILS) within that.Speaking on Sunday in New York, on the sidelines read the full article →

Coalition for Climate Resilient Investment targets resilience bonds

A newly launched Coalition for Climate Resilient Investment is set to bring together significant investment and risk industry expertise, with goals including to properly price climate risk, align investment flows with resilience initiatives and to introduce resilience bonds.The Coalition for Climate Resilient Investment was officially launched yesterday at the United read the full article →

Orbital Micro Systems targets enhanced weather insights for re/insurance & ILS

More granular and higher resolution satellite data from earth observations are set to improve weather and catastrophe event insights for the insurance, reinsurance and insurance-linked securities (ILS) industry, according to the CEO of Orbital Micro Systems.Orbital Micro Systems is a specialist in technology and data for space applications, with expertise read the full article →

Don’t over-estimate pricing impact of AOB reform in Florida: A.M. Best

Rating agency A.M. Best warned of concerns that insurers may over-estimate the benefits of recently passed legislation to reform the assignment of benefits (AOB) system in Florida in their pricing.While A.M. Best notes that it is "cautiously optimistic" on the impact the legislative reform can have on insurers over time, read the full article →

AOB reform to rationalize Florida cat bond loss development: Cadwalader

The legislative bill designed to reform the assignment of benefits (AOB) system in Florida could benefit the catastrophe bond market, with loss development potentially rationalised thanks to reduced litigation and enhanced claims disclosure, lawyers at Cadwalader, Wickersham & Taft LLP explained.The passage of HB 7065 through the House and now read the full article →

Citizens halves Florida homeowners rate change thanks to AOB reform

Florida's Citizens Property Insurance Corporation has revealed that its homeowners insurance premium rate need has almost halved after taking into account the recent enactment of legislation designed to reform the assignment of benefits (AOB) system.Citizens said in an update on its rate needs for the year ahead that the average read the full article →

Florida assignment of benefits (AOB) reform signed into law

Florida's Governor Ron DeSantis has now signed into law the bill that aims to reform the practice of assignment of benefits (AOB), so increasing the chances that the insurance and reinsurance market can get a firmer grip on the runaway claims inflation seen with recent hurricanes that hit the state.The read the full article →

Citizens: AOB reform could reduce Florida homeowners rate need by 15%

The enactment of a bill designed to reform the assignment of benefits (AOB) system in the state of Florida has the potential to reduce homeowners insurance rate need by an average of 15% and in some cases in the south of the state as much as almost 18%.The passage of read the full article →

Too early to tell how AOB reform will affect reinsurance pricing: Universal CEO

With a bill designed to reform assignment of benefits (AOB) having passed the Florida Senate this week, already discussions are turning to how the market impact will be quantified and whether it will reduce reinsurance pricing.SB 122 (once HB 7065) passed the Florida Senate vote by 25 to 14 this read the full article →