9% of banks global net income at risk from cyber: IMF’s Christine Lagarde


The International Monetary Fund (IMF) has introduced a new cyber risk model and loss estimation system to assess the potential impact of cyber-attacks on the world’s financial institutions.

By leveraging techniques from actuarial science and operational risk measurement the framework estimates aggregate losses from cyber-attacks and examines factors such as attack-frequency, countries most at risk and banks’ existing security measures.

AP3’s ILS portfolio returns 2.9% despite catastrophe losses


Swedish state sector pension fund AP3 was one investor whose ILS portfolio stood up to the impacts of the 2017 catastrophe events relatively well, as the pension investor reported a 2.9% return for its investments across the insurance and reinsurance linked investments space.

AP3 allocates to catastrophe bonds and other insurance-linked securities (ILS) opportunities within its giant $41 billion plus pool of assets.

ILS makes up a small component of this, with the pension having approximately $500 million (SEK 4.139 billion) allocated to the space, as of the end of 2017, up from the SEK 2.948 billion it had allocated to ILS at the end of 2016.

Санкционные клиенты дороги РНПК


Перестраховочная «дочка» ЦБ потеряла на них большую часть прибыли

Перестрахование санкционного бизнеса стоило Российской национальной перестраховочной компании (РНПК) почти всей прибыли в прошлом году. Убыток по поврежденному терминалу газификации в Балтийском море — 2,7 млрд руб.— оказался сопоставим с заработанными на инвестировании собственных средств 2,8 млрд руб. Обязательная же доля передаваемых в РНПК рисков всех коммерческих страховщиков, против которой выступал ранее рынок, принесла игроку потери — по ней национальный перестраховщик заплатит около 1,2 млрд руб.

North Yorkshire eyes insurance-linked bonds amid ‘urgent review’


The £3bn (€3.5bn) North Yorkshire Pension Fund (NYPF) has launched a tender for an insurance-linked securities (ILS) mandate in connection with an “urgent” review of its investment portfolio.

The local government pension scheme (LGPS) said it was carrying out the review in light of interest rate fluctuations and “performance of some of its fund managers”.

“This has proven to be more turbulent as the UK conducts its Brexit negotiations and the Pension Fund Committee wishes to mitigate the risks associated with this at short notice,” it said in a tender notice.

«Это рекордные суммы страховки на отечественном концертном рынке»


Организатор российских гастролей Робби Уильямса — о последствиях их отмены

Отмена двух российских концертов Робби Уильямса, которые должны были завершить его тур в поддержку альбома «The Heavy Entertainment Show», стала полной неожиданностью для поклонников, разогретых рекламной кампанией, которая длилась целый год. Певец пожаловался на здоровье и был госпитализирован. А публика все равно строила разнообразные догадки. Эдуард Ратников, генеральный директор компании TCI, организовывавшей российские гастроли Робби Уильямса, по просьбе Бориса Барабанова дал “Ъ” подробные комментарии.

Turkey hail storms & floods to cost insurers as much as US$200m


Torrential rainfall, damaging large hail and the resulting widespread flooding from two outbreaks of severe storms across Istanbul and the surrounding region of Turkey in the last fortnight could end up costing local insurance companies as much as US $200 million, it has been reported.

The storms struck the Istanbul region on the 18th July and the 27th July, with flooding reported widely within the city, strong winds toppling cranes, fires due to lightning strikes reported, golf ball sized and larger hail damaging cars and properties and widespread damage to agricultural crops in the region as well.

Steve Bowen, Director and Meteorologist at Impact Forecasting, the risk analytics and modelling unit of reinsurance broker Aon Benfield, explained to Artemis that media reports suggest a combined loss for the local insurance industry in the region of US $200 million.


No immediate Brexit hit to ILS market, but structural issues to consider


So, overnight the United Kingdom population has voted in favour of leaving the European Union, in what is to many a surprising result that presents a number of potential issues for the insurance-linked securities (ILS) market to consider.

Clearly, the ILS market is an international business, with both the end investors in the sector and the assets (or reinsurance contracts invested in) sourced on a global basis. The managers of ILS investment funds and strategies are domiciled in a variety of locations and their investment vehicles are often not domiciled where the ILS managers main base is.

For a global industry whose work involves international capital flowing across borders and business sourced from markets around the world, any major political upheaval has the potential for ramifications.