Louisiana Citizens gets Catahoula Re cat bond at $175m in size
Louisiana Citizens Property Insurance Corporation, the non-profit residential and commercial property insurer for those who cannot access private market insurance in the state, eventually secured its latest Catahoula II Re Pte. Ltd. (Series 2022-1) catastrophe bond to provide it $175 million of capital markets backed reinsurance. The insurer launched its efforts to secure a Catahoula II […]
Hong Kong Insurance Authority welcomes the second issuance of insurance-linked securities
The Insurance Authority (IA) today (3 June 2022) welcomed the second issuance of insurance-linked securities (ILS) in Hong Kong. This takes the form of a catastrophe bond amounting to US$150 million (equivalent to around HK$1.18 billion) sponsored by Peak Reinsurance Company Limited via Black Kite Re Limited, another authorized special purpose insurer, structured to cover […]
Insured loss from 2022 Australia floods rises to $4.3 billion: ICA
The Insurance Council of Australia (ICA) has reported a 28% rise in the cost of the severe flooding across Southeast Queensland and Northern New South Wales earlier this year, making it the country’s fourth costliest natural disaster event. As of Tuesday May 31st, 2022, insurance and reinsurance industry losses from the floods are estimated at […]
SCOR’s new Atlas Capital Re cat bond “integrates ESG considerations”
France headquartered global reinsurance firm SCOR said this morning that its successfully issued $240 million Atlas Capital Reinsurance 2022 DAC (Series 2022-1) catastrophe bond has environmental, social and governance (ESG) considerations integrated into it. As we’ve been reporting, SCOR came to market with its latest catastrophe bond with a $150 million target earlier in May. With […]
Adding the ‘S’ to ESG: why insurers can make a difference
ESG (environmental, social, corporate governance) factors present unique challenges for participants in the insurance sector. Unexpected claims, regulatory requirements and investor demands are just three challenges it faces. But the industry is uniquely positioned to support the world’s transition to a sustainable, low-carbon economy–—while also developing increasingly sophisticated risk transfer tools to help manage this […]
IRDAI allows insurance companies to introduce products without prior approval
The Insurance Regulatory and Development Authority of India (IRDAI) has allowed general insurance companies to introduce products without seeking prior approval from the regulator, in what is the first major reform by the new IRDA chairman. The IRDAI said it has extended the ‘use and file’ procedure for all the Health Insurance products and almost […]
Canada Derecho to be one of costliest convective storm losses: Aon
The Derecho type event that drove a line of severe thunderstorms across southern parts of the Canadian provinces of Ontario and Quebec last week has the potential to be one of the most expensive insurance industry losses from the convective storm peril in the country. The severe thunderstorms struck last Saturday and at one point almost […]
Centre for Disaster Protection adds World Bank ILS expertise
The UK-funded Centre for Disaster Protection has announced a number of new additions to its team, with an experienced disaster risk financing expert joining it from her most recent role at the World Bank, where she had worked on catastrophe bonds and insurance-linked securities (ILS) arrangements. The Centre for Disaster Protection was launched in 2017 […]
Hurricane Agatha to slam Mexico. Unlikely to trouble World Bank cat bond
Hurricane Agatha is verging on reaching major Category 3 storm status as it nears the Mexican coastline with 110 mph sustained winds, but the central pressure remains far higher than would be needed to trigger the Government of Mexico’s World Bank issued catastrophe bond. Hurricane Agatha formed over the weekend and rapidly intensified as it […]
CEA to complete Ursa Re II 2022 cat bond at reduced $245m
The California Earthquake Authority (CEA) will now secure its latest catastrophe bond to provide a reduced $245 million in collateralized California earthquake reinsurance protection through the Ursa Re II Ltd. (Series 2022-1) issuance. The initial target size was $275 million when the CEA came back to market for its latest catastrophe bond earlier in May. The CEA […]