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UCITS catastrophe bond fund assets grew 28% in 2021

The main UCITS catastrophe bond funds as a group lifted their assets under management (AUM) significantly during 2021, to a new high of just over US $8.64 billion, representing 28% growth in AuM year-on-year. We’ve tracked the growth of the UCITS catastrophe bond fund market and launched a new page featuring charts detailing this growth […]

Data key to delivering Hong Kong and China’s ILS goals

The availability of robust data sets and information on losses will be key for Hong Kong and China to deliver on their goals for insurance-linked securities (ILS) market development, according to speakers at a recent conference. The first Hong Kong domiciled catastrophe bond, China Re’s $30 million Greater Bay Re Ltd. (Series 2021-1) typhoon cat bond, […]

UK’s PRA wants to improve ILS authorisation process and speed

The United Kingdom’s Prudential Regulatory Authority (PRA), which is part of the Bank of England, said that it recognises the need to improve the country’s authorisation process for insurance-linked securities (ILS) vehicles, noting that time taken is a factor. In a letter to insurance and reinsurance CEO’s, Anna Sweeney and Charlotte Gerken, two Executive Directors […]

Extreme weather seen as most critical global threat: WEF report

The latest Global Risks Report 2022 from the World Economic Forum (WEF) found that climate risks dominate global concerns, but that declining social cohesion, cyber threats and how the world recovers from the pandemic are all viewed as sources of significant uncertainty as well. The World Economic Forum (WEF) Global Risks Report is produced in […]

World Bank targets sovereign risk transfer for Indonesia by 2024

The government of Indonesia continues to work towards better management of its natural disaster risks and, with the assistance of the World Bank, there is a target to have a sovereign risk transfer or disaster insurance structure in place by 2024. As we reported last August, Indonesia had launched a new disaster risk pooling facility, […]

Private catastrophe bonds surpass $1bn for first time in 2021

For the first time on-record, annual issuance of privately placed catastrophe bond transactions has surpassed $1 billion in 2021, as these more streamlined insurance-linked securities (ILS) arrangements continued to play an important role for some protection buyers, ILS funds and investors. Private catastrophe bond activity had declined in 2020, as the annual issuance volume of […]

2021 insured cat losses $120bn, December tornadoes $4bn: Munich Re

Global reinsurance giant Munich Re has estimated that insurance industry losses from natural disasters or catastrophes in 2021 were roughly US $120 billion, the second-highest annual total ever. This is a higher total than most sources had been discussing, as we’d been hearing that annual natural catastrophe and severe weather insured losses might reach $110 […]

UK Gov committee approves plan to exempt ILS from Stamp Duty taxes

This week, UK Member’s of Parliament (MP’s) approved the passage of new Government legislation designed to exempt insurance-linked securities (ILS) issuance and reinsurance transformer vehicle issued notes from any Stamp Duty taxes, to promote ILS activity in the United Kingdom. The move saw MP’s from both sides of the House agreeing to pass the legislation, […]

Philippines gets $80m from World Bank CAT-DDO, with more expected

The government of the Philippines has drawn $80 million to help in the recovery from super typhoon Rai (Odette) from the World Bank supported catastrophe contingent line-of-credit it has in place through a Catastrophe-Deferred Drawdown Option arrangement, dubbed the CAT-DDO 4. As we reported more than one week ago, the Philippines had put the World […]

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