Best of Artemis, week ending 28th February 2021

Here are the ten most popular news articles, week ending 28th February 2021, 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.

Ten most read articles on Artemis.bm, week ending 28th February 2021:

1. KCC raises US winter storm insurance industry loss estimate to $18bn
   Catastrophe risk modelling specialist Karen Clark & Company has updated its estimate for insurance and reinsurance market losses from the ongoing winter storm event in the United States, which has been named winter storm Uri, to $18 billion, reflecting the widespread and severe impacts felt.
2. Winter storm Uri an aggregate threat, but commercial loss may protect ILS: Twelve Capital
   Winter storm Uri is destined to become a record insurance and reinsurance market loss for a winter weather event in the United States and while the impacts may be in the double-digit billions of dollars, the ILS market may be protected from too significant a share.
3. ILS market risks an ESG “credibility gap” – Synpulse
   The insurance-linked securities (ILS) marketplace could put itself at risk of a potentially damaging “credibility gap” if it over promises on environmental, social and governance (ESG) alignment, Synpulse Management Consulting has warned.
4. Winter storm Uri insured loss seen up to $20bn: Fitch
   Property and casualty insurers in the United States are facing record levels of first-quarter catastrophe losses due to the severe winter weather associated with winter storm Uri, rating agency Fitch has said.
5. Reinsurance prices must rise further to provide adequate returns: Moody’s
   The reinsurance market is not in a hard market and in fact rate increases seen at the January 2021 renewal season are only seen as adequate by Moody’s, who believe that reinsurance prices must keep rising for adequate risk-adjusted returns to be achievable.
6. Allstate’s wildfire subrogation recoveries reach $605m
   U.S. primary insurance giant Allstate has revealed that it expects to receive around $605 million in subrogation recoveries on claims related to the California wildfires, with a significant percentage already booked.
7. Hong Kong’s ILS grant scheme to cover ~US $1.6m of issuance costs
   Hong Kong’s Government has revealed some of the details of its proposed insurance-linked securities (ILS) grant scheme, through which it will pay a share of issuance costs for any ILS structures issued out of the Special Administrative Region.
8. COVID-19 to drive stronger reinsurance growth & positive pricing: SCOR
   France headquartered global reinsurance firm SCOR noted this morning that the COVID-19 coronavirus pandemic is creating the conditions for stronger reinsurance growth, alongside positive pricing dynamics, which it puts down to a general increase in risk aversion as a result of the pandemic crisis.
9. Palomar expects reinsurance recoveries for winter storm Uri
   Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products, has said that it expects its reinsurance program to respond to the losses it will face from winter storm Uri’s impacts in Texas.
10. Arbol taps machinery sensors for parametric crop insurance triggers
    Arbol, the provider of marketplace technology supporting parametric risk transfer or weather insurance and that utilises smart contracts, has provided the backing for a new crop yield cover whose parametric triggers are based on the throughput measured by machinery sensors.

This is not every article published on Artemis during the last week, just the most popular, some of which were published over a week ago. There were 41 new articles published in the last week. To ensure you always stay up to date with Artemis and never miss a story subscribe to our weekly email newsletter which is delivered every Wednesday.

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