30+ humanitarian relief cat bonds in pipeline: Howden
A year ago, a unique cat bond that melded volcano risk and humanitarian relief was a headline-grabbing unique deal. David Howden, one of its architects, claims as many as 30 more deals are in a very robust pipeline. In March 2021 Howden Group, via its charitable foundation the Howden Foundation, was instrumental in arranging a […]
Cat bonds for recovery highlighted by Caribbean Development Bank
Catastrophe bonds and parametric insurance have both been highlighted by the President of the Caribbean Development Bank (CDB) in a speech laying out priorities for 2022 and a plan for marshalling financing to support regional economies. The Caribbean Development Bank (CDB) is designing a “financing ecosystem” through which it aims to support the regions economies […]
Philippines cat bond payout a “tangible result”, says Finance Secretary
The triggering and impending $52.5 million payout of the Philippines catastrophe bond by recent typhoon Rai (known in the Philippines as Odette), demonstrates a “tangible result” of the country’s disaster risk financing work, according to its Finance Secretary. Artemis was first to report yesterday that the Philippines government will make a $52.5 million recovery under the […]
A protection & innovation gap, just 38% of cat losses insured: Aon’s Eric Andersen
Global economic losses from natural catastrophes reached $343 billion in 2021, but only $130 billion of the total was covered by insurance or reinsurance, which Aon’s President Eric Andersen said demonstrates both a protection and an innovation gap, when it comes to climate risk. At $130 billion, Aon’s estimate of global insured catastrophe losses for […]
Philippines cat bond triggers on typhoon Rai (Odette) winds, $52.5m payout due
The Philippines government will make a recovery under the terms of its World Bank issued IBRD CAR 123-124 catastrophe bond, as the event calculation process has now run and super typhoon Rai (locally known as Odette) has breached the parametric trigger for wind, Artemis has learned. As we reported back on December 22nd, the Philippines Government […]
UNDP IRFF: Sustaining development via insurance and risk finance solutions in 8 countries
As risk grows, it is time to rapidly scale-up insurance and risk-transfer solutions for the countries and communities most in need. UNDP lays the groundwork for full implementation. UNDP will start insurance and risk-financing work in eight new countries in the first quarter of this year. This work is backed by funding from the German […]
Extreme weather seen as most critical global threat: WEF report
The latest Global Risks Report 2022 from the World Economic Forum (WEF) found that climate risks dominate global concerns, but that declining social cohesion, cyber threats and how the world recovers from the pandemic are all viewed as sources of significant uncertainty as well. The World Economic Forum (WEF) Global Risks Report is produced in […]
World Bank targets sovereign risk transfer for Indonesia by 2024
The government of Indonesia continues to work towards better management of its natural disaster risks and, with the assistance of the World Bank, there is a target to have a sovereign risk transfer or disaster insurance structure in place by 2024. As we reported last August, Indonesia had launched a new disaster risk pooling facility, […]
Munich Re: Hurricanes, cold waves, tornadoes: Weather disasters in USA dominate natural disaster losses in 2021
In 2021, natural disasters caused overall losses of US$ 280bn, of which roughly US$ 120bn were insured Alongside 2005 and 2011, the year 2021 proved to be the second-costliest ever for the insurance sector (record year 2017: US$ 146bn, inflation-adjusted) – overall losses from natural disasters were the fourth-highest to date (record year 2011: US$ […]
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 […]