African insurers can help to reduce climate change impact in the country: Faber
According to the Africa Insurance Pulse, produced by Zurich-based Faber Consulting, Africa is particularly vulnerable to the effects of climate change due to low adaptive capacity and widespread poverty. Yet, by working with policymakers, the sector can help to mitigate and protect Africa from the consequences of climate change while creating new opportunities for the […]
China’s parametric catastrophe insurance to expand to Henan Province
Henan Province is the latest in China to announce a pilot program for parametric catastrophe insurance, with an initial focus on extreme rainfall and flood coverage. Henan’s local government said that the pilot will allow the region to adopt the parametric catastrophe insurance, with rainfall related triggers for city and municipality covers, as well as […]
CNN World: Xi Jinping brought Hong Kong to heel. Now he’s back in a city transformed
Hong Kong (CNN). Chinese flags flutter above streets and red celebratory banners line the harbor front, as a beaming crowd of masked officials and school children wave and chant in unison inside Hong Kong’s high-speed rail terminus, welcoming the arrival of Chinese leader Xi Jinping. In his first trip outside mainland China since the start of […]
Inflation to drive insurance protection gap to new high in 2022: Swiss Re
The global insurance protection gap, or the gap between economic losses and those that are insured, increased again in 2021, reaching a new all-time high of US $1.42 trillion, according to reinsurance giant Swiss Re. The trend is expected to continue in 2022, with Swiss Re warning that the current inflationary environment is expected to […]
Risky business: Three exam questions from the Risk Pool Summit
The Centre for Disaster Protection works on how the international system can better protect people when disasters strike. With years of experimentation and iteration behind them, risk pools are an essential piece of the answer, offering predictable pay-outs for pre-agreed risks like earthquakes and droughts. CCRIF SPC (formerly The Caribbean Catastrophe Risk Financing Facility) has […]
Alternative capital rebounds to record $97bn (again): Aon
For now the third time, alternative capital levels in reinsurance, largely in insurance-linked securities (ILS) formats, have rebounded to their previous high-level of $97 billion, according to Aon. That came against a shrinking of traditional reinsurance capital levels, as reinsurers were impacted by unrealised losses linked to their bonds, triggered by interest rate movements. Overall, […]
New financing mechanism for climate action becomes operational
Helsinki, 30 June 2022 – A new finance mechanism to strengthen weather and climate observations, improve early warnings to save lives, protect livelihoods and underpin climate adaptation for long-term resilience has opened its doors for business. The Systematic Observations Financing Facility (SOFF) is a key building block for a new initiative spearheaded by United Nations Secretary-General General António Guterres to […]
London workshop with Twelve Capital and African Risk Capacity
Climate change leads to a larger protection gap of which 96% is in the developing world* Twelve Capital held a workshop with high calibre market players to discuss how natural catastrophe risks can be transferred to financial markets for disaster relief in emerging markets. Against the backdrop of Impact Investing some highlights covered were: – […]
Flood risk already affects 1.81 billion people. Climate change and unplanned urbanization could worsen exposure
Flooding is among the leading climatic threats to people’s livelihoods, affecting development prospects worldwide – and floods can also reverse years of progress in poverty reduction and development. While the threat is already substantial, climate change and rapid urbanization in flood zones are likely to further drive up flood risks. The latest Intergovernmental Panel on Climate Change report affirms the […]
Mid-year collateralized reinsurance renewal rate rises higher than expected
Rate increases secured by insurance-linked securities (ILS) funds and collateralized reinsurance vehicles at the mid-year reinsurance renewals are likely to be higher than had been expected when the negotiations began, sources have told Artemis. Typically, we don’t get any clear signs of price trajectory until after July 1st when the reinsurance broker reports are released, […]