Gallagher Re – Africa Re initiative may bring third-party capital to African risks
A new collaborative initiative between global reinsurance broker Gallagher Re and pan-African reinsurer Africa Re aims to strengthen countries against a broad range of climate, crisis and disaster risks and may utilise third-party reinsurance capital alongside traditional to augment capacity. The pair announced their protection gap focused initiative named ‘Accelerating action through scalable risk transfer […]
Philippines looks to reinsurance & parametrics for crop scheme
The government of the Philippines is said to be looking at sources of reinsurance capital to underpin the Philippine Crop Insurance Corporation (PCIC) scheme, while parametric triggers are also being explored to make the coverage more widely available and responsive. Artemis understands that there is a desire to make the Philippine Crop Insurance Corporation (PCIC) […]
Catastrophe bond market hits new record size of $38.2bn
The global market for catastrophe bonds expanded by almost 2% during the second-quarter of 2022, as demand from sponsors drove strong issuance and helped to grow the outstanding cat bond market to $38.2 billion at June 30th 2022. Issuance of new catastrophe bonds reached $5.2 billion in the second-quarter of the year. You can download […]
Flooding returns to eastern Australia, with Sydney affected
Parts of eastern Australia are flooding again after an East coast low brought torrential rains and strong winds, with parts of Sydney particularly affected, with households evacuated and flood warnings in place. Meteorologists from Australia’s Bureau of Meteorology are warning that river levels could continue to rise into the beginning of the coming week, potentially […]
Expanding hurricane insurance coverage for individuals in the Caribbean
Parametric policies designed for lower-income consumers could help bridge the disaster insurance gap. Globally, uninsured damages from disasters add up to over US$160bn per year, with 96% of this protection gap affecting emerging economies. Parametric disaster insurance can help by offering protection to many of those who are most vulnerable to natural hazards. The Yokahu insurance company […]
African insurers can help to reduce climate change impact in the country: Faber
According to the Africa Insurance Pulse, produced by Zurich-based Faber Consulting, Africa is particularly vulnerable to the effects of climate change due to low adaptive capacity and widespread poverty. Yet, by working with policymakers, the sector can help to mitigate and protect Africa from the consequences of climate change while creating new opportunities for the […]
China’s parametric catastrophe insurance to expand to Henan Province
Henan Province is the latest in China to announce a pilot program for parametric catastrophe insurance, with an initial focus on extreme rainfall and flood coverage. Henan’s local government said that the pilot will allow the region to adopt the parametric catastrophe insurance, with rainfall related triggers for city and municipality covers, as well as […]
Inflation to drive insurance protection gap to new high in 2022: Swiss Re
The global insurance protection gap, or the gap between economic losses and those that are insured, increased again in 2021, reaching a new all-time high of US $1.42 trillion, according to reinsurance giant Swiss Re. The trend is expected to continue in 2022, with Swiss Re warning that the current inflationary environment is expected to […]
Risky business: Three exam questions from the Risk Pool Summit
The Centre for Disaster Protection works on how the international system can better protect people when disasters strike. With years of experimentation and iteration behind them, risk pools are an essential piece of the answer, offering predictable pay-outs for pre-agreed risks like earthquakes and droughts. CCRIF SPC (formerly The Caribbean Catastrophe Risk Financing Facility) has […]
New financing mechanism for climate action becomes operational
Helsinki, 30 June 2022 – A new finance mechanism to strengthen weather and climate observations, improve early warnings to save lives, protect livelihoods and underpin climate adaptation for long-term resilience has opened its doors for business. The Systematic Observations Financing Facility (SOFF) is a key building block for a new initiative spearheaded by United Nations Secretary-General General António Guterres to […]