Financial

Pandemic protection. Is it included, excluded, or even mentioned in a policy or program? Even if it is, is the coverage responsive enough to really help the protection buyer, or should parametric solutions be looked at? If so, how to ensure they are robust? At a time when interest in pandemic insurance, reinsurance and retrocessional…

Insurance and reinsurance market losses from a severe east coast low that struck Australia at the beginning of February are estimated to be A$794 million, according to PERILS AG. Sydney flooding image from ABC News’ Oscar Coleman. As we explained yesterday, the Insurance Council of Australia (ICA) pegged the losses from this latest catastrophe to…

France headquartered global reinsurance company SCOR has suspended the marketing of its new catastrophe bond, Atlas Capital Reinsurance 2020 DAC (Series 2020-1), citing the market disruption created by the current pandemic. SCOR returned to the catastrophe bond market just a fortnight ago with its latest Atlas Capital transaction, as it sought to expand its capital…

Insurance-linked securities (ILS) and catastrophe bonds investments are well placed to weather the current Covid-19 coronavirus pandemic situation, according to specialist reinsurance asset manager Twelve Capital. The insurance and reinsurance market has a strong track record of coping with highly distressed market environments, Twelve Capital says. As a result, it believes that the sector is…

There is a chance that reinsurance and retrocession buyers begin to favour fully collateralised protection more highly again, as they become increasingly aware that there are financial and economic risks which of a scale that can threaten traditional re/insurer solvency. The insurance-linked securities (ILS) market was a fully collateralised source of reinsurance and retrocessional protection…

Dmitry Mnushkin, President of Bermuda-based insurance and reinsurance focused software house, Treefrog Consulting Ltd., highlights the important role software plays in both the growth and efficiency of the insurance-linked securities (ILS) market. Artemis recently spoke with Mnushkin following the release of Treefrog’s ILS and reinsurance deal pricing and rollup platform, Foundation, designed to provide users…

European windstorm Victoria, also known as storm Dennis in the UK, is estimated to have cost the insurance market at least EUR 286 million, according to PERILS AG. Being its first estimate for the market-wide property insurance and perhaps reinsurance loss for storm Victoria, there is a good chance PERILS increases it at the next…

Property and casualty insurance and reinsurance underwriter Sirius International Insurance Group, Ltd. has launched a formal sales process, after its parent China Minsheng agreed to the sale. Sirius was sold to Chinese investment group China Minsheng Investment Corp., Ltd. in 2015 by its previous owner White Mountains. The sale included the transfer of activities related…

The capital buffers of some of the largest reinsurance companies have been significantly shrunken by the financial market declines seen in the last few weeks because of the Covid-19 coronavirus outbreak, potentially reducing their ability to weather any major catastrophe events that occur. With stock markets around the globe generally down 20% or more over…