Jamaica’s Dr. Nigel Clarke proposed as IMF Deputy Managing Director
Dr. Nigel Clarke, the Minister of Finance of Jamaica and the driver of that country’s multi-layered approach to disaster risk financing that includes the first catastrophe bond for a small-island state has been proposed to become a Deputy Managing Director of the International Monetary Fund (IMF). Kristalina Georgieva, Managing Director of the IMF, announced her […]
Germany’s nat cat insurance coverage delayed due to political disagreement: AM Best
According to an AM Best commentary, the debate over Germany’s compulsory natural catastrophe coverage is hindered by the absence of political agreement between federal states and the central government. AM Best’s report titled, “Political Consensus the Missing Ingredient for German Natural Catastrophe Solution,” highlights that, following the 2021 flooding in Southern Germany, there have been […]
World Bank & EC call for scaled up European disaster risk transfer & cat bonds
In a string of research reports, the World Bank Group and European Commission call on governments across Europe to utilise more in the way of disaster risk transfer and insurance to reduce the pressure from weather and natural perils on budgets, including the use of catastrophe bonds to access capital market investors for reinsurance risk […]
London market ILS platform still seen as lagging: LMG report
While the London insurance and reinsurance market has been growing it is being outpaced by other markets and insurance-linked securities (ILS) is again highlighted as an area of opportunity where results have lagged ambitions and there remains work to do, the London Market Group’s latest report makes clear. While London and the United Kingdom spent […]
ESMA launches call for evidence on UCITS eligible assets (including cat bonds)
The European Securities & Markets Authority (ESMA) has now launched a formal call for evidence to support a review of the Undertakings for Collective Investment in Transferable Securities (UCITS) Eligible Assets Directive (EAD), including what assets should be eligible, with catastrophe bonds one class of assets named. It comes as little surprise, given the review […]
Jamaica pleased with second World Bank cat bond, Hong Kong support: Minister of Finance
The Caribbean island nation of Jamaica is “pleased” to have secured coverage from its second World Bank supported catastrophe bond, Finance Minister Dr. Nigel Clarke has said, also citing his countries gratitude for financial support from Hong Kong, presumably through its ILS Grant Scheme. As Artemis reported yesterday, the latest catastrophe bond to be issued […]
Multilateral development banks to boost disaster & climate risk insurance
Leaders of 10 multilateral development banks (MDB’s) announced steps to collaborate more effectively to increase the impact and scale of their work, in order to tackle urgent development challenges, including addressing the growing need for disaster risk insurance and in climate risk financing. The 10 multilateral development banks (MDB’s) behind the announcement were the: African […]
World Bank: New Financing Tools Receive Major Funding Boost
WASHINGTON, April 19, 2024— New financial instruments designed to boost lending capacity and enable the World Bank Group to take on more risk for shared global challenges have received a significant endorsement. A set of 11 countries announced commitments today for the Portfolio Guarantee Platform, hybrid capital mechanism, and new Livable Planet Fund totaling $11 […]
Hong Kong: Protection gaps, Chinese municipalities a key focus for ILS ambitions
After its government expressed its desire to attract more insurance-linked securities (ILS) sponsors to the Hong Kong Special Administrative Region, highlighting a commitment to develop its ILS market, executives from the Insurance Authority have made filling protection gaps a key focus of its ILS ambition. This will include not just attracting international insurance and reinsurance […]
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, […]
