reinsurance

Winter Storm Elliott, so the extreme cold, blizzards and severe winter extratropical storm related weather that struck the United States in recent days, is estimated to have caused $5.4 billion in insured losses across 42 US states, according to catastrophe risk modelling specialists at Karen Clark & Co.

Use of insurance-linked securities (ILS) such as catastrophe bonds increased among Bermuda-based insurance and reinsurance firms  in 2021, according to recent data collected by the Bermuda Monetary Authority (BMA).

The latest estimate for hurricane Ian insured losses based on claims data submitted by primary insurers in Florida now stands at almost $12.6 billion, according to regulator The Florida Office of Insurance Regulation (OIR).

Insurance market losses from severe weather, storms or natural catastrophe events in Germany have reached EUR 4.3 billion in 2022 so far, according to German insurance association, the GDV.

RenaissanceRe, the Bermuda based specialist reinsurance firm and third-party capital manager, has lifted the targeted size for its new Mona Lisa Re Ltd. (Series 2023-1) catastrophe bond to $200 million, while the pricing of each tranche of notes being issued looks set to come in within guidance.

According to Artemis’ sources there have been some signs of increased appetites among certain markets, but in general the ongoing and yet-to-clear January 2023 reinsurance renewals have exposed a gulf between property catastrophe capacity and demand for cover.

The third catastrophe bond transaction to be issued out of Hong Kong is now “in the pipeline” according to the Chairman of the Hong Kong Insurance Authority.

The ongoing extreme cold, blizzards and severe winter storm weather that has impacted much of the United States, Canada and even stretched down to northern Mexico, is expected to be a costly event in insurance terms, given the significant footprint of the polar weather event.

The Plenum CAT Bond UCITS Fund Indices, an index that provides a reasonable proxy for cat bond fund performance across the market, saw mixed fortunes again between the lower and higher risk strategies in the last week of record, while the overall year-to-date performance has continued to improve.

Here are the ten most popular news articles, week ending December 25th 2022, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.