Italy’s quake insurance gap needs closing


The protection gap is a topic that’s usually less associated with European markets than it is with other countries. But 2019 is the 10th anniversary of the earthquake that devastated the town of L’Aquila in 2009 when over 300 people were killed. A similar number died in 2016 when the town of Amatrice was destroyed by earthquake; another event across the Emilia Romagna region in 2012 killed 20 and displaced thousands.

Most of the economic losses caused by earthquakes are uninsured and Claudia Cordioli, head of south and west Europe at Swiss Re, says more needs to be done to extend earthquake insurance protection in Italy.

$160bn insurance gap in emerging nations is hardly closing, says Lloyd’s


The average insurance penetration rate in developed nations is twice as high as the average in emerging or lower income countries, accounting for $160 billion of the $163 billion global insurance protection gap.

According to new research from Lloyd’s many of the countries with the lowest levels of insurance are among the most exposed to risks are the least able to fund recovery efforts.

Bangladesh, India, Vietnam, Philippines, Indonesia, Egypt and Nigeria each has an insurance penetration rate of less than 1%.

Enthusiasm for ILS intact, seen as positive for market = growth expected


Among the three key stakeholder groups in the insurance-linked securities (ILS) market, cedants (both insurance and reinsurance), ILS fund managers and ILS end-investors, enthusiasm for the asset class as well as the protection it offers hasn’t waned, despite recent loss activity.

This enthusiasm for ILS is underscored by the findings of a recent survey by Willis Towers Watson (WTW) which found that almost all reinsurance firms and other cedants view ILS and the capital markets as a positive factor in the market and as a result anticipate seeing further market growth.


2018年10月22日 Intelligent Insurer 原始采访译文。 PDF版本在这里

指数巨灾债券可以帮助东南欧,中亚,高加索,独联体以及土耳其等国家和地区应对自然灾害风险的保障缺口。Phoenix CRetro首席执行官基里尔·萨夫拉索夫(Kirill Savrassov)是一个富有经验的百慕大保险链接债券(Insurance-linked securities, ILS)专家,今日巴登巴登报对其进行了专访。




Рынки капитала идеально подходят для удовлетворения растущего спроса в ECIS: RMS


Согласно RMS – глобальному агентству по моделированию рисков: Страховые ценные бумаги (ILS) имеют хорошие возможности для удовлетворения растущего спроса со стороны региона ECIS (Западные Балканы, Южный Кавказ, Восточная Европа и Центральная Азия), несмотря на то, что для стимулирования их выпуска необходимо разрешение некоторых вопросов.

Недавно, в кулуарах конференции ПРООН по финансированию рисков стихийных бедствий, Artemis побеседовал с Глобальным управляющим директором RMS Даниэлом Стендером и консультантом RMS Capital and Resilience Solutions Practice Конором Минаном. Фокус: потенциал и преимущества практики снижения рисков стихийных бедствий (DRR) и финансирования рисков бедствий (DRF) на рынках ECIS.

Capital markets ideally placed to meet emerging ECIS demand: RMS


Insurance-linked securities (ILS) are well positioned to meet emerging demand from the ECIS region (Western Balkans, Southern Caucasus, Eastern Europe and Central Asia), although certain challenges must be addressed in order to stimulate issuance, according to global catastrophe risk modeller, RMS.

Artemis recently spoke with RMS’ Global Managing Director, Daniel Stander, and a consultant in RMS’ Capital and Resilience Solutions Practice, Conor Meenan, on the sidelines of the recent UNDP disaster risk financing conference in Istanbul. The focus: the potential for and the benefits of disaster risk reduction (DRR) and disaster risk financing (DRF) across the ECIS markets.

Sidecar activity demonstrated post-loss opportunity: Aon


Activity in the collateralized quota share reinsurance sidecar space lifted following the major losses of 2017 and with $2.9 billion of limit secured through sidecar deals in the year to June 30th 2018 Aon notes that this “demonstrates the opportunity that both sponsors and investors see following catastrophe events.”

Reinsurance sidecars remain an attractive way for institutional investors and ILS funds to access the returns of major re/insurers, providing an alignment of interests that many enjoy and leaving risk selection up to the traditional firms underwriting teams.

Haiti’s parametric CCRIF deductible cover activated by earthquake


The Caribbean island nation of Haiti is to benefit from a small payout from the CCRIF SPC (formerly called the Caribbean Catastrophe Risk Insurance Facility), after a recent magnitude 5.9 earthquake on October 6th activated its aggregate deductible coverage under the facility.

The M 5.9 earthquake struck Haiti resulting in the deaths of roughly 30 persons, injuring many more and destroying some houses. Infrastructure damage was said to have been relatively minor.

While this was not a particularly impactful earthquake compared to those Haiti has experienced before, the country will still benefit from a payment from the CCRIF SPC thanks to the introduction of the aggregate deductible coverage (ADC).

Global Risk Financing Facility (GRIF) launched with World Bank support


The World Bank, alongside German and United Kingdom governments, have announced a new initiative to help vulnerable countries manage climate change and natural disaster related shocks, with the launch of the US $145 million Global Risk Financing Facility (GRiF).

Announced at the World Bank and IMF Annual Meetings in Bali in recent days, the Global Risk Financing Facility (GRiF) is a vehicle to provide financing to set disaster risk finance and insurance mechanisms that can help governments to have the funding required to aid recovery from disasters and to deliver money to those who most need it.

The facility will help to establish more disaster risk insurance pools such as the CCRIF in the Caribbean and PCRAFI in the Pacific, aiming to ensure more people who are exposed to climate change and natural disaster losses can access the fast liquidity that parametric facilities can deliver.

Philippines government discussing cat bond issuance again


The government of the Philippines is once again discussing the issuance of catastrophe bonds with the support of the World Bank, as it looks to the capital markets to secure insurance and reinsurance capacity to provide contingent financing for recovery from major natural disasters. The Philippines has been involved in almost annual discussions on this topic for at least 8 years, we first wrote about its ambitions to leverage the catastrophe bond structure for disaster risk transfer back in 2010.

These discussions have been affected in the past by political transitions in the country and the Philippines did get quite far down the line in its cat bond discussions in 2015, but no transaction came to market.