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, […]
INSURE Act calls for Federal Catastrophe Reinsurance, with cat bond backing
Lawmakers are being presented with a new bill that proposes the creation of a catastrophe reinsurance program to help insurers provide more coverage in exposed and loss challenged areas, with catastrophe bonds also highlighted as a potential way to underpin the facility. Introduced by California Representative Adam Schiff (D-Calif.), the Incorporating National Support for Unprecedented […]
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 […]
South Korea urged to consider insurance-linked securities (ILS) regulatory framework
The government of Korea has been urged to implement and adopt an insurance-linked securities (ILS) regulatory framework to enhance its domestic insurance marketplace and enable access to the capital markets for additional risk capital and reinsurance. Researchers from the Korea Insurance Research Institute (KIRI) have spotted the success countries including Singapore and Hong Kong have […]
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 […]
UK development policy shake-up: Role for risk transfer, cat bonds, private capital?
In a shake-up of the UK government’s international development policy as well as its approach to humanitarian and aid funding that will be announced today, Artemis understands there will be a nod to a growing role for insurance risk transfer, while the use of private capital from investors is going to be highlighted, suggesting catastrophe […]