Gallagher Re – Africa Re initiative may bring third-party capital to African risks
A new collaborative initiative between global reinsurance broker Gallagher Re and pan-African reinsurer Africa Re aims to strengthen countries against a broad range of climate, crisis and disaster risks and may utilise third-party reinsurance capital alongside traditional to augment capacity. The pair announced their protection gap focused initiative named ‘Accelerating action through scalable risk transfer […]
Philippines looks to reinsurance & parametrics for crop scheme
The government of the Philippines is said to be looking at sources of reinsurance capital to underpin the Philippine Crop Insurance Corporation (PCIC) scheme, while parametric triggers are also being explored to make the coverage more widely available and responsive. Artemis understands that there is a desire to make the Philippine Crop Insurance Corporation (PCIC) […]
Catastrophe bond market hits new record size of $38.2bn
The global market for catastrophe bonds expanded by almost 2% during the second-quarter of 2022, as demand from sponsors drove strong issuance and helped to grow the outstanding cat bond market to $38.2 billion at June 30th 2022. Issuance of new catastrophe bonds reached $5.2 billion in the second-quarter of the year. You can download […]
Flooding returns to eastern Australia, with Sydney affected
Parts of eastern Australia are flooding again after an East coast low brought torrential rains and strong winds, with parts of Sydney particularly affected, with households evacuated and flood warnings in place. Meteorologists from Australia’s Bureau of Meteorology are warning that river levels could continue to rise into the beginning of the coming week, potentially […]
Swiss ILS fund managers collaborating on ESG transparency
Artemis has learned that a group of Switzerland-based insurance-linked securities (ILS) investment fund managers have been collaborating to develop a data transparency proposal to help enhance environmental, social and governance (ESG) in the ILS market. After what we understand to be a few months of work, an initial ESG data request file template has now […]
Cat bond issuance strong in first half: Moody’s
Catastrophe bond issuance remained buoyant in the first half of this year, with $7.7 billion in new issuance following a record year in 2021, according to a report released Friday by Moody’s Investors Service Inc. Activity is expected to be robust for the remainder of 2022, Moody’s said. First-quarter new issuance totaled $3.2 billion, the […]
Expanding hurricane insurance coverage for individuals in the Caribbean
Parametric policies designed for lower-income consumers could help bridge the disaster insurance gap. Globally, uninsured damages from disasters add up to over US$160bn per year, with 96% of this protection gap affecting emerging economies. Parametric disaster insurance can help by offering protection to many of those who are most vulnerable to natural hazards. The Yokahu insurance company […]
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 […]