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European Life Settlement Association (ELSA) releases code of practice

The European Life Settlement Association (ELSA), who recently set up a regulatory committee, have now released a code of practice which aims to provide industry standards for its members to use which will help to protect investors in this market.The code of practice aims to address various risks such as read the full article →

$50m to $150m in insured losses so far from Hurricane Earl, estimates AIR Worldwide

Hurricane Earl made a close pass by the Caribbean Leeward Islands this week and damage loss estimates are starting to come in. Losses are being tallied for the Virgin Islands, Puerto Rico, St. Maarten, and St. Martin.AIR Worldwide estimates that losses to date from Earl are somewhere between $50 and read the full article →

Extreme weather events on the rise

There's been a lot of news about the recent extreme weather events which are happening around the world. The heatwave, drought and fires in Russia are causing devastation to agriculture and communities alike. The terrible flooding in Pakistan and China are impacting more people than any other disaster. Central and read the full article →

Further details about the Verisk Catastrophe Index

We wrote a few days ago about the announcement from Verisk Analytics (parent company of AIR Worldwide and the Property Claims Services (PCS) brands)  about their new high-resolution catastrophe index which they have launched. We felt the press release we'd picked up didn't give enough information so we've been back read the full article →

Midwest storms cause losses for insurers; what happened to their risk transfer?

The second quarter of 2010 has seen some severe weather in the U.S. midwest, one of the worst events being a hailstorm which also saw tornadoes in Oklahoma. That event alone caused losses of around $1B (coverage here). How will that affect large multi-national insurance companies? You'd expect them to read the full article →

CCRIF members renew; most increase quake cover and leave hurricane premiums static

The sixteen members of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) have all renewed their policies in time for the hurricane season this year. With forecasters predicting an 85% chance of an above average Atlantic hurricane season this year it's now surprise they all took advantage of this cover.It is read the full article →

Swiss Re insures longevity risk for UK local government body

Swiss Re have announced completion of a deal to insure the longevity risks associated with a pension fund run by the UK's Royal County of Berkshire Pension Fund, a local government fund. Swiss Re say this is the first pure longevity risk transfer undertaken for any government body worldwide. The read the full article →

Elementum Advisors launched as ILS & catastrophe risk focused investment manager

A new investment manager has entered the sector with a promised focus on insurance-linked securities, catastrophe bonds and collateralised reinsurance investment opportunities. The new company called Elementum Advisors is to be based in Chicago and is owned (following what seems to be a management buy out) by well known players read the full article →

GIC establishing catastrophe pool for Africa and Asia

General Insurance Corporation (the Indian state owned insurance and reinsurance company) is working to establish a natural catastrophe pool for insurers and reinsurers in Africa and Asia. A top official at the company has been quuoted in the Deccan Herald saying that GIC have been entrusted by the Federation of read the full article →

MultiCat Program to offer developing countries a risk transfer alternative

The World Banks MultiCat Program has received a lot of coverage across the non-trade press and is rightly exciting finance ministers of developing countries. The hope is that it will open up the catastrophe bond market which has previously been difficult for them to access. There's much talk about who read the full article →