Financial

At this year’s renewal of member country policies for the CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), some have elected to split coverage across multiple policies, enabling them to better calibrate or target their parametric disaster insurance protection. At the renewals this year, members of the CCRIF renewed an expanded parametric…

Italian primary insurance company UnipolSai Assicurazioni S.p.A. looks set to secure its latest catastrophe bond backed source of reinsurance coverage within the initial price guidance and with the European earthquake catastrophe bond Azzurro Re II DAC (Series 2020-1) still on target at EUR 100 million. Many cat bonds issued in recent weeks have priced towards…

Media reports state that the World Bank has shelved plans for any future issuance of pandemic catastrophe bonds and for a version two of its Pandemic Emergency Financing Facility (PEF). This is despite the fact the first issuance of PEF supporting pandemic bonds paid out, as the terms dictated they would, for the Covid-19 coronavirus…

The reinsurance marketplace remains fragile after a number of years of subpar returns and more recent stresses, which is expected to help price increases continue into 2021, albeit at decelerating positive rate levels, according to equity analysts at Credit Suisse. Having spoken with reinsurers and also insurance-linked securities (ILS) sector experts, analysts from Credit Suisse…

An estimate of insurance and reinsurance industry losses from the severe bushfires in Australia over the last season has been raised by 19%, with the hours clause appropriate seven consecutive day period loss now seen as A$1.86 billion (almost US $1.3bn) by PERILS AG. Zurich based industry backed catastrophe loss data aggregator PERILS AG opted…