Insurance
California & U.S. wildfires heading into multi-billion dollar loss territory
Wildfires burning across California continued their destructive paths in recent days, as hot and dry weather combined with strong winds fanned flames, while burns across other states including Oregon, Washington, Colorado and Utah all add to what is now anticipated to be a growing multi-billion dollar loss for the insurance and reinsurance industry. Image: Noah…
Read MoreILS capital to expand. Cat bonds to benefit from retro crunch: Guy Carpenter
Insurance-linked securities (ILS) and alternative reinsurance capital are set to continue growing as a piece of the global risk transfer market, as investor appeal for their relatively uncorrelated returns persists, according to Guy Carpenter executives. Speaking during a virtual briefing held yesterday, executives from the reinsurance broker said that the market as a whole remains…
Read MoreAfrican Risk Capacity expanding into flood risk in 2021
The African Risk Capacity (ARC), which provides parametric disaster insurance products for countries in Africa, is currently in a pilot phase with a new flood tool, that it hopes to roll-out more broadly next year. At a conference in Dakar this week, executives from the African Risk Capacity (ARC) discussed progress and its plans to…
Read MoreDisaster Resilience Is Focus of Triple-I, U. Penn Student Competition
By James Ballot, Senior Advisor, Strategic Communications, Triple-I For the third year straight, the Insurance Information Institute (Triple-I) and the Wharton Risk Management and Decision Processes Center (Wharton Risk Center) at the University of Pennsylvania are co-sponsoring a student competition aimed at developing innovative solutions to real-world disaster resilience problems. Held virtually, the third annual…
Read More2021 renewals to be “decisive” for alternative capital, says Fitch
The reinsurance renewals in 2021 are set to be “decisive” for the alternative reinsurance capital and insurance-linked securities (ILS) market, in determining whether returns can sustain higher levels to encourage greater investor participation, Fitch Ratings suggested in a new report. Fitch has remained negative on the reinsurance sector overall, highlighting the challenges posed by the…
Read MoreLloyd’s won’t be a capital free-for-all. iSPV plan approved at Council
The Lloyd’s insurance and reinsurance market won’t be a free-for-all for capital once new ILS plans are in place, rather it hopes to level the playing field for different types of investors to access returns from the market. Speaking just now during a media briefing, Lloyd’s CEO John Neal said that the plan is to…
Read MoreDescartes raises $18.5m Series A to scale up parametric insurance
Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has raised Series A capital from leading investment firms to help it to scale up the parametric insurance space. Descartes Underwriting launched in early 2019, with a focus on parametric risk transfer and leveraging advanced…
Read MoreGuy Carpenter appoints Marsh’s Dean Klisura as President
Reinsurance brokerage Guy Carpenter, part of the Marsh & McLennan group of companies, has appointed long-time Marsh insurance broking senior executive Dean Klisura as its new President. In a move many will see as a potential step on the route towards a CEO succession at Guy Carpenter, Klisura will become President of Guy Carpenter from…
Read MoreFedNat triggers reinsurance program with hurricane Laura losses
FedNat Holding Company, the U.S. primary insurance carrier group, said that its reinsurance counterparties will be bearing a share of its losses associated with recent hurricane Laura. The insurer also said that it has purchased another reinsurance cover in September, providing extended second-event protection. FedNat said that both its FedNat Insurance Company and Maison Insurance…
Read More