Insurance
Australian east coast low industry loss raised 21% to A$958m
The estimate of insurance and reinsurance market losses from a severe east coast low pressure storm that struck Australia at the beginning of February, has risen some 21% at the second reporting to A$958 million, according to PERILS AG. Sydney flooding image from ABC News’ Oscar Coleman. PERILS latest estimate, which is its first update…
Read MoreZurich result dented by Covid, catastrophe claims & civil unrest
Zurich Insurance Group (Zurich) reported its results for the second-quarter and first-half of 2020 today, revealing an elevated level of catastrophe claims, with the U.S. civil unrest and rioting a key driver of impacts. Zurich reported growth in commercial insurance and an ambition to take advantage of the improvements being seen in pricing around the…
Read MoreQBE says Covid claims near reinsurance trigger, expects BI to be covered
QBE, the Australian headquartered global insurance and reinsurance group, said this morning that its claims from the Covid-19 pandemic have taken it very close to attaching its aggregate reinsurance cover. The company also explained that it expects any business interruption claims from the pandemic will be covered under its catastrophe reinsurance treaties. QBE reiterated its…
Read MoreSwiss Re sees H1 insured disaster losses to property up 35% at $31bn
According to global reinsurance giant Swiss Re’s latest data, the first-half of 2020 saw US $31 billion of global insured property losses from disasters, up by roughly 35% on the prior year. Of US $75 billion of economic losses to property from natural catastrophes and man-made disasters, only some 40% were covered by insurance and…
Read MoreBusiness Interruption vs. Event Cancellation: What’s the Big Difference?
As I’ve written previously, the question of whether business interruption provisions in commercial property insurance apply to COVID-19-related losses has become a major topic of debate during this pandemic. Suits have been filed seeking to establish that policyholders are entitled to coverage for such losses – even when losses associated with infectious disease are specifically…
Read MoreInsurance debt remains attractive, refinancing need drives opportunity
The debt issuances of insurance and reinsurance carriers remain an attractive option for investors even under the shadow of the Covid-19 pandemic and there could be more opportunity to come. Insurance and reinsurance company debt issues, private or otherwise, remain an asset that certain insurance-linked securities (ILS) fund managers allocate capital to, while some investment…
Read MoreElementum hires Davis from Aon Securities, promotes Barker to Exec Committee
Elementum Advisors, LLC, the insurance-linked securities (ILS) fund management and collateralised reinsurance underwriter, has announced a new strategic hire in Jeff Davis, who will join the investment manager in September from his most recent position at Aon Securities. Jeff Davis will join Elementum Advisors in September 2020 as Senior Vice President, Investments. He’s worked at…
Read MoreKKR’s acquisition of Global Atlantic shows PE’s attraction to float & sidecars
Private equity and alternative investment giants of the world are increasingly demonstrating why access to insurance premium float, as a form of assets under management, is an attractive prospect, with KKR’s acquisition of Global Atlantic the latest clear example. It also shows their appreciation for bringing third-party capital into re/insurance. As we explained when the…
Read MoreHurricane Isaias follow-up: 8/11/2020
PSE&G workers work on power lines after Tropical Storm Isaias passed through on August 4, 2020 in Bogota, New Jersey. (Photo by Eduardo Munoz Alvarez/Getty Images) Thousands of East Coast residents were still without power a week after Tropical Storm Isaias barreled through more than 12 eastern states, including New York and New Jersey, on…
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