risk transfer

Broker WTW said today that the innovative parametric hurricane insurance program to protect the Mesoamerican coral reef has been expanded again, with AXA Climate as the sole capacity provider and a refined parametric trigger structure utilised this year.

Insurance and reinsurance broking giant Aon continues to blur lines, as today’s announcement of the launch of an intellectual property financing solutions strategy under registered investment adviser Aon Advantage Funds LLC, and a $300 million commitment to it secured from M&G Investments shows.

Insurance and reinsurance broker Aon has been working with insurtech Vesttoo on intellectual property insurance-related financing solutions, with the latter helping to bring capital markets capacity to the brokers proposition.

The innovative parametric insurance product that provides a form of protection to fund repairs following storm damage to coral reefs has now been taken up in Hawaii, with a policy provided by global reinsurance giant Munich Re, according to arranger WTW.

Hurricane Lisa’s landfall in Belize on November 2nd has triggered an innovative parametric insurance product that provides a form of protection to fund repairs following storm damage to the largest barrier reef in the Atlantic Ocean.

Broking group WTW, working with the Mesoamerican Reef Fund and InsuResilience Solutions Fund, has announced a renewal and expansion of the innovative parametric hurricane insurance program to protect the coral reef, while adding additional capacity from reinsurance firm Munich Re.

In an exclusive interview with Artemis, Joseph Petrelli, President and Co-Founder of rating agency and consultant Demotech, Inc. explained that the special session reforms passed by the Florida legislature last week are “inadequate”, when measured against what the state really needs to fix its property insurance marketplace.

Progress on property insurance reform continues in the state of Florida, with the first bill from the special session now passing through the legislature having been approved on the House floor, to now make its way to the Governor for signing.

Florida’s lawmakers continue to progress new legislation that they hope will stabilise the states dysfunctional property insurance market, with the package of bills now passing the Senate and heading to the House today.

Florida’s insurance carriers face one problem above all others, the fact that they are over-litigated and being badly affected by a litigious property insurance claims environment where fraud has been de rigueur.