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California to expand use of catastrophe models to wildfire, terrorism, flood: Lara

As part of its goal to ward off a developing insurance crisis in California that has seen major companies pull-back on underwriting property insurance there, or exit the state entirely, Insurance Commissioner Ricardo Lara has announced regulation to allow for an expanded use of catastrophe models to help insurers operate there more sustainably. “Currently, the […]

CEA’s reinsurance tower reached $9.1bn pre-1/1, risk transfer costs up 15%

The California Earthquake Authority (CEA) entered the January reinsurance renewals with almost one billion dollars more in risk transfer than a year earlier, as the group reached December 31st 2023 with $9.1 billion of protection in-force. A year earlier, the CEA’s reinsurance tower had shrunk to around $8.2 billion after the January 2023 renewal, significantly down […]

Texas Windstorm (TWIA) targets $600m Alamo Re catastrophe bond

The Texas Windstorm Insurance Association (TWIA), the residual market property insurer for the State of Texas, has returned to the catastrophe bond market seeking to place a large $600 million Alamo Re Ltd. (Series 2024-1) issuance as it looks to build-out its reinsurance for the years ahead with the help of the capital markets, Artemis can […]

Mexico expected to renew Pacific coast hurricane cat bond after Otis resolution

We reported earlier this week that the Government of Mexico is back in the catastrophe bond market with a new World Bank facilitated IBRD CAR Mexico 2024 parametric catastrophe bond. That deal is missing one of its usual components, a Pacific hurricane tranche, but sources tell us to expect one, once any recovery from hurricane Otis […]

Hong Kong government highlights ILS market commitment in budget

The government of Hong Kong wants to attract more insurance-linked securities (ILS) sponsors to the Special Administrative Region, as it highlights a commitment to develop its ILS market and build on early successes there. The Hong Kong Special Administrative Region (HK SAR) of the People’s Republic of China published its insurance-linked securities (ILS) regulations and […]

Morocco renewed parametric quake insurance after 2023 payout of $275m

Morocco’s government received a $275 million payout from its parametric earthquake insurance policy after the devastating earthquake that occurred in 2023 and the parametric policy has been renewed again, to provide a similar level of cover for 2024, we understand. The North African country of Morocco was struck by a magnitude 6.8 earthquake in September, […]

TWIA Board confirms new PML with ~$4bn reinsurance & cat bonds needed

The Board of the Texas Windstorm Insurance Association (TWIA) met today and has confirmed a 1-in-100 year PML for 2024 funding purposes at a new high of $6.5 billion, meaning the insurer of last resort will seek to require just over $4 billion in reinsurance limit for the 2024 wind season. The Board were also […]

ARC gets US Gov backing to expand parametric insurance capacity in Africa

African Risk Capacity Limited (ARC Ltd.), the financial affiliate and underwriting entity of the African Risk Capacity (ARC) Group, has entered into a landmark US $11.7 million partnership with the United States Government, to help expand access to parametric insurance and increase the size of its risk pool. The goal is to further safeguard food […]

The World Bank to scale up use of reinsurance and risk transfer for disasters

The World Bank has revealed that its expanded Crisis Preparedness and Response Toolkit has a focus on offering increased protection against large-scale disasters, enabling the mobilisation of private capital and the ability to transfer the risks of high-intensity but low-frequency disasters to reinsurers and the capital markets. Building on existing tools like catastrophe bonds, the […]

Florida State Board allocated $398m to ILS for 1/1, across Aeolus, Pillar, RenRe

The Florida State Board of Administration, which manages the states massive roughly $180 billion Florida Retirement System Pension Plan, has allocated $398 million to reinsurance and retrocession opportunities across three ILS managers in time for the January renewals. The Florida State Board of Administration was already allocated to insurance-linked securities (ILS), for the Florida Retirement […]

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