Swiss Re raises 2021 nat cat insured losses to $111bn
The global insurance and reinsurance industry faced $111 billion of natural catastrophe losses in 2021, according to Swiss Re, which is a 6% increase on its $105 billion estimate from December. Global economic losses from natural catastrophes are estimated at $270 billion, making the protection gap significant again as just 41% of economic losses were […]
Aon’s White Rock issues $16.2m Asagao V private cat bond
Aon’s Bermuda domiciled Class 3 and Class C insurer and segregated accounts company White Rock Insurance (SAC) Ltd. has issued a fifth transaction in the Japanese Asagao private catastrophe bond series, with a $16.2 million Asagao V completed. The first Asagao private catastrophe bond, or cat bond lite, came to market in September 2019, a roughly […]
Lloyd’s seeks expanded ILS approvals for London Bridge Risk PCC
The Lloyd’s insurance and reinsurance market is understood to be in active discussion with financial market regulators over an expansion of the regulatory approvals for its insurance-linked securities (ILS) structure London Bridge Risk PCC. Lloyd’s launched the vehicle over a year ago now and the London Bridge Risk PCC Ltd. structure was approved by regulators […]
One of the best entry opportunities to catastrophe bonds: Ramseier, Twelve
Current market conditions make allocating to the catastrophe bond asset class a particularly attractive prospect for investors at this time, according to Twelve Capital Founding Partner & Group CIO, Dr. Urs Ramseier. In a letter, Ramseier sets out the Twelve Capital view on the current geopolitical landscape, and how the invasion of Ukraine by Russia […]
Mexico launches IDF-backed parametric climate solution for farmers
The Government of Mexico has announced the launch of a tripartite project to develop a sovereign parametric insurance solution for climate-vulnerable smallholder farmers, supported by investments in long-term risk finance and insurance market development. The solution represents a partnership between the Ministry of Finance & Public Credit, the Insurance Development Forum (IDF), the United Nations […]
Aon report reveals economic toll of nat cat events in Asia
Total economic losses due to natural disasters totalled US$72 billion (SG$97.7 billion) in 2021, according to Aon’s 2021 Weather, Climate and Catastrophe Insight report. Following three years of economic losses exceeding US$100 billion, Asia’s figure dropped to US$72 billion in 2021. Insurance covered only 9% of economic losses in Asia, compared to 38% of the $343 […]
TWIA board votes for $2.04bn reinsurance & cat bond program for 2022
The Board of the Texas Windstorm Insurance Association (TWIA) has voted to adopt a multi-model view of risk for 2022, with its newly derived 1-in-100 year probable maximum loss driving a decision to secure a roughly $2.04 billion tower of reinsurance and catastrophe bonds for 2022. TWIA’s Board met yesterday to discuss the Association’s approach […]
Healthcare of Ontario Pension Plan (HOOPP) grows ILS allocation 31% in 2021
The Healthcare of Ontario Pension Plan (HOOPP), a large Canadian institutional retirement fund, has expanded its investment allocation to insurance-linked securities (ILS) by roughly 31% in 2021, taking it to C$721 million (approx. US $575m). The Healthcare of Ontario Pension Plan (HOOPP) began investing into insurance-linked securities (ILS), largely via insurance-linked funds as well as […]
SEC’s climate risk disclosure rules to drive risk mgmt & transfer spend
As the US Securities & Exchange Commission (SEC) publishes a new set of proposed rules on climate risk disclosure, it’s becoming increasingly clear regulating for climate risk reporting is going to drive risk management and risk transfer spend, with ramifications and opportunity for insurance, reinsurance and insurance-linked securities (ILS). Yesterday, the SEC published its proposals, […]
Healthcare of Ontario Pension Plan (HOOPP) grows ILS allocation 31% in 2021
The Healthcare of Ontario Pension Plan (HOOPP), a large Canadian institutional retirement fund, has expanded its investment allocation to insurance-linked securities (ILS) by roughly 31% in 2021, taking it to C$721 million (approx. US $575m). The Healthcare of Ontario Pension Plan (HOOPP) began investing into insurance-linked securities (ILS), largely via insurance-linked funds as well as […]