Our Programme was shortlisted for the AXCO’s Global Insurance Awards’24
Phoenix CRetro is delighted to be shortlisted for the Axco Global Insurance Awards in the Best Training Initiative in Global Risk category. Now its 2nd year, the Axco Global Insurance Awards celebrate the outstanding achievements, innovation and collaboration of the insurance ecosystem managing complex global risk. Following a thorough judging process, Phoenix CRetro was shortlisted, […]
World Bank to scale-up access to catastrophe bonds and reinsurance capital
The World Bank announced a significant expansion of the use of catastrophe bonds, reinsurance and instruments such as parametric risk transfer for countries exposed to large-scale disasters, with an ambition to embed catastrophe insurance and risk transfer instruments more deeply into its financing operations. The World Bank’s position on the use of disaster insurance and […]
China’s regulator looking to green and cat bonds to deepen cooperation between Mainland and Hong Kong
The NFRA is aiming to boost cross-border initiatives between the Mainland, Hong Kong and Macau. FULL ORIGINAL PUBLICATION HERE
Insured catastrophe losses reach $118bn in 2023, with 69% protection gap: Aon
Global catastrophe losses falling to sources of insurance and reinsurance capital reached $118 billion in 2023, according to the latest estimate to emerge from broker Aon. Aon’s insurance industry loss estimate for 2023 catastrophes compares to a slightly higher $123 billion estimate from Gallagher Re. In December, Swiss Re had estimated overall insured natural catastrophe losses at […]
Global natural disasters cost insurers $95bn in 2023: Munich Re
Over the course of last year, global natural disasters and severe weather are estimated to have caused the insurance and reinsurance industry losses of US $95 billion, Munich Re estimates, while the economic cost of the same disasters is put at $250 billion by the reinsurer. At $95 billion, global insured disaster losses are close […]
International (non-US) insured catastrophe losses reached $16.7bn in 2023
The CRESTA organisation, that tracks international insurance industry losses outside the United States, has estimated the full-year 2023 loss at US $16.7 billion, which it notes is slightly below the annual average. This figure only included insured catastrophe loss events from a threshold of US $1 billion and Cresta highlights that there are other events […]
European Central Bank calls for greater use of catastrophe bonds
The European Central Bank (ECB) alongside a macro-prudential oversight body it operates, the European Systemic Risk Board (ESRB), has called for greater use of catastrophe bonds to address the insurance protection gap and mitigate catastrophe risks from climate change in the European Union. The transfer of catastrophe risks and physical climate change risk drivers to […]
World Bank cat bond potential: Jamaica, Mexico, Colombia, Peru & Caribbean wide
After it was reported that the World Bank targets a significant increase in the use of catastrophe bonds by its client countries, already a number of potential future World Bank cat bond deals are being discussed. It was Bloomberg that first reported this quarter that the World Bank hopes to increase the volume of catastrophe […]
CCRIF parametric payouts reach $266.8m after $4.9m for 2023 Atlantic storms
The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) made three payouts on parametric insurance policies to member governments from storms in the 2023 Atlantic hurricane season, taking the total it has paid out to almost US $266.8 million since its inception. Three payouts totalling US $4.9 million were made for storms […]
Hong Kong government pushes for more ILS and cat bond activity
At a recent event held in the city, speakers representing the government of the Hong Kong Special Administrative Region (HK SAR) of the People’s Republic of China were keen to promote the development of its insurance-linked securities (ILS) market offering and to attract more catastrophe bond business. With its ILS regulatory regime and ILS grant […]