risk transfer

Global broker and risk consultancy Marsh has launched PathogenRX, an insurance product designed to protect businesses against pandemic risks such as the outbreak of infectious diseases, that utilises a parametric trigger provided by epidemic risk modeling specialists Metabiota and capacity from reinsurance giant Munich Re.

The board of governors of Florida’s Citizens Property Insurance Corporation has approved the purchase of a $1.42 billion reinsurance program for 2018, which is a 7% increase on the total limit of risk transfer secured last year and with more of the coverage from the capital markets via Everglades Re cat bonds.

Global reinsurance giant Swiss Re has partnered with The Nature Conservancy (TNC), a leading global nature conservation organisation, to create a parametric insurance policy that can be used to both insure and enhance the resilience of coral reefs and the communities that rely on them.

Insurance and reinsurance brokerage Willis Towers Watson (WTW) has today announced the launch of the Global Ecosystem Resilience Facility, an insurance facility designed to help strengthen the resilience of ecosystems and their communities, through the use of efficient risk transfer where catastrophe bonds may feature.

The African Risk Capacity (ARC), a parametric sovereign disaster risk insurer for African nations, has begun a pilot with the help of San Francisco based Metabiota to roll-out parametric insurance cover against disease outbreaks and epidemics.

In a new report, RE:bound has further explored the potential benefits of resilience bonds, underlining the opportunity for the public sector to access private capital, to transfer disaster risks away from while supporting the development of resilient infrastructure projects.

Florida’s Citizens Property Insurance Corporation said yesterday that it expects to have to pay around $1.23 billion of insured losses for claims from Hurricane Irma, but expects to pay for this out of surplus, suggesting the coastal account has not had a big enough hit to eat into its reinsurance protection.

San Francisco based Metabiota, a company focused on risk analytics for epidemics, has launched its first commercial risk modelling platform and a preparedness index to help insurance or reinsurance firms and ILS funds or investors understand and underwrite epidemic risk.

The Nature Conservancy (TNC), a leading global nature conservation organisation, is working on a pilot project that will design and test an insurance mechanism for coastal resilience which will leverage private capital structured in a fund format and with underlying parametric insurance triggers.

In a recent interview with Artemis, Victor Cardenas, a senior consultant in risk financing for climate change and natural disaster with specific expertise in the field of public sector entities, discussed various elements and complexities that require attention when considering public sector involvement in catastrophe risks.