Category: ILS for Disaster Risk Finance

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 […]

Turkey earthquakes industry loss estimate raised 26% to US $6.2bn

The insurance and reinsurance market industry loss estimate for the Kahramanmaras Earthquake Sequence that struck Turkey in February 2023 has been lifted by a significant 26%, by PERILS, to reach TRY 117 billion, which would have been US $6.2 billion at exchange rates when the disaster struck. The increase brings PERILS industry loss more into […]

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 […]