Insurance
Property cat impact from Covid-19 said limited, but rumours abound
Property catastrophe reinsurance is expected to show limited exposure to the ongoing Covid-19 coronavirus pandemic, given in general an outbreak should not be covered under these treaty’s and programs. But rumours abound that attempts to force claims into a range of covers are being seen. Analysts at JMP Securities explained that the property catastrophe reinsurance…
Read MoreU.S. Congress committee calls for Pandemic Risk Insurance Act (PRIA)
The U.S. House Financial Services Committee, which oversees and makes recommendations on legislation relating to financial services including insurance, has called for the passing of a Pandemic Risk Insurance Act (PRIA). The idea is to provide a reinsurance backstop to cover losses to the insurance sector from future pandemic outbreaks like the ongoing Covid-19 coronavirus…
Read MoreAIG hires Gero Michel to analytics role with input to ILS product strategies
AIG, the giant insurance and reinsurance operator, has appointed Gero Michel to a new role that will see him heading up risk analytics across the reinsurance related brands of Validus, Talbot and the ILS specialist unit AlphaCat. Michel took on the role of Head of Risk Analytics, AIG Re in February of this year, joining…
Read MoreCoronavirus effect clear in cat bonds, but private ILS outperforms: Schroder Secquaero
The Covid-19 coronavirus pandemic is having an evident effect on the catastrophe bond market, seen largely in the secondary market but with expected future ramifications for primary cat bond issuance market conditions as well, according to executives at Schroder-Secquaero. At the same time, the private ILS market is currently outperforming as, being a less liquid…
Read MoreOxbridge Re’s sidecar on track to deliver ~40% returns to investors
Investors in Oxbridge Re NS Ltd., the fully collateralized reinsurance sidecar vehicle sponsored by Cayman Islands based reinsurance firm Oxbridge Re Ltd., are currently on track to earn a very healthy roughly 40% return for the current underwriting year. As we explained towards the end of 2019, the Oxbridge Re NS quota share reinsurance sidecar…
Read MoreCredit Suisse ILS hires Blattmann as Head of Distribution & Strategy
Credit Suisse Insurance Linked Strategies Ltd., the insurance and reinsurance investments focused unit of bank and asset management giant Credit Suisse, has hired a new Head of Distribution & Strategy in Eric Blattmann, an experienced investment distribution professional. Blattmann joins the Credit Suisse Insurance Linked Strategies team from his most recent role with Swiss headquartered…
Read MoreInsured losses for Australia’s Jan hailstorms rise almost 50% to A$1.2bn
The insurance and reinsurance industry bill after the severe hailstorms that hit the southeastern region of Australia in January have now risen by almost 50%, with the latest industry loss estimate now at A$1.2 billion (around US $700m). It makes the hailstorms one of the most costly hail events in Australian history and a share…
Read MoreLondon re/insurance market outlook negative on Covid-19, says Fitch
The London market insurance and reinsurance sector is at-risk due to the Covid-19 coronavirus pandemic, causing Fitch Ratings to revise its outlook on this core marketplace to negative. Yesterday, we reported that Fitch had revised its outlooks for the global reinsurance market and U.S. Property & Casualty insurance to negative from stable, as the magnitude…
Read MoreStorm Ciara – Sabine industry loss estimated at EUR 1.6bn by PERILS
The insurance and perhaps reinsurance industry loss from European windstorm Ciara, also known as Sabine and Elsa, has been estimated at almost EUR 1.6 billion (close to US $1.7bn) by PERILS AG. The Zurich-based provider of catastrophe industry loss data, indices and services for the reinsurance industry said that the storm caused most of its…
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