Cherry picked selection of news on ILS, DRF, Reinsurance and other matters related to our activities. Updated on a weekly basis.
FULL ORIGINAL PUBLICATION HERE The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) is expanding its appetite to include private sector risk, with the launch of a parametric insurance product for the electric utility sector in the Caribbean. Adding risk from the private sector to its already growing pool of largely sovereign catastrophe risk will help the CCRIF to recognise and benefit from more in the way of reinsurance synergies, to the
2020年9月17日 Intelligent Insurer 原始采访译文。 PDF版本在这里。 通过与“一带一路”倡议相关的项目获得中国投资的中亚和东欧国家，应使用参数化主权巨灾债券来确保自身免受自然灾害的风险。 这是保险连结证券（ILS）和主权风险转移专家基里尔·萨符拉索夫（Kirill Savrassov）的观点。 萨夫拉索夫指出：《中国的“一带一路”倡议对中亚和东欧的全面保护方案提出了更高的要求》。 《中国将数百亿美元投入了该地区的基础设施建设，但实际上，其中连一个项目也没适当地投保物理伤害的险，尽管该地区面临着地震和其他自然灾害的高风险》。 在乌兹别克斯坦，哈萨克斯坦或塔吉克斯坦等国家，问题不是地震是否要发生，而是何时要发生，并且其毁灭力量多大。 自然灾害会破坏中国通过“一带一路”倡议帮助该地区发展的许多基础设施项目。如果建造后这种项目因地震而摧毁，那么东道国仍将欠缴中国的贷款，但是不会从基础设施投资中获取收益。
FULL ORIGINAL PUBLICATION HERE The CRESTA organisation will soon launch a global industry loss index solution, that will provide insured loss data and event descriptions for natural catastrophe insured loss events around the world. CRESTA was established by the insurance and reinsurance industry in 1977 as an independent body for the technical management of natural catastrophe insurance. Now managed by PERILS CRESTA AG, a subsidiary of Zurich-based provider of catastrophe loss data and indices for
ORIGINAL PUBLICATION HERE The 12 months to June 30 2020 saw a strong return to growth in the cat bond market, according to Aon, after a below average performance in the previous year. Aon noted that three of the quarters in the period saw consistent and strong issuance, with Q3 2019 being the exception. Q4 saw a record issuance of $2.2 billion, while Q1 2020 set another record of $4 billion. Q2 2020 saw strong
ORIGINAL PUBLICATION HERE Lloyd’s has launched a new business interruption policy, which it believes is the “first of its kind” parametric solution designed to protect small and medium sized enterprises (SMEs) against IT disruption or downtime. The new policy pays out automatically once a company’s IT services – such as cloud, e-commerce or payment systems – are disrupted, reducing the time insurers spend assessing a loss or adjusting a claim. The product is led by
FULL ORIGINAL PUBLICATION HERE The California Earthquake Authority (CEA) is back once again in the catastrophe bond market with the second issuance it has sponsored so far this year, seeking a $250 million or larger source of collateralised earthquake reinsurance from this Ursa Re II Ltd. (Series 2020-1) deal. Earlier this year, the CEA, which is a not-for-profit residential earthquake insurer for California, secured $700 million of earthquake reinsurance through a Sutter Re Ltd. (Series 20201- & 2020-2) issuance.
FULL ORIGINAL PUBLICATION HERE The Asia-Pacific Economic Cooperation (APEC) continues to see the development of a regional catastrophe bond market as positive, highlighting at a recent workshop that cat bonds are a win-win relationship for governments and investors. The workshop last week was convened by The World Bank Treasury alongside the APEC Business Advisory Council (ABAC) and Asia-Pacific Financial Forum, to educate on the use of catastrophe bonds as disaster risk transfer instruments for the
FULL ORIGINAL PUBLICATION HERE Despite the fact insurance and reinsurance markets become increasingly sophisticated in their use of technology to reach customers and provide enhanced coverage, in North America, perhaps the most advanced economy in insured terms, the natural catastrophe protection gap actually widened by over 7% in 2019. It should perhaps be considered an indictment of the efforts of the industry to close the much-discussed “protection gap”, that even the most advanced regions of
FULL ORIGINAL PUBLICATION HERE Retrocessional reinsurance coverage written by rated carriers, as well as other insurance-linked securities (ILS) products such as industry-loss based instruments, may find themselves in favour over collateralized ultimate net loss retro at the upcoming renewals, Aon executives said recently. Speaking during a media briefing held in place of the Monte Carlo Rendez-vous by the brokers Reinsurance Solutions unit, CEO Andy Marcell and CEO of Aon Securities Paul Schultz implied that there