Indian regulator considers revision to GIC Re preference rules
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed revisions to the country’s rules for the order of preference on reinsurance business, which could see alterations to GIC Re’s right to first refusal. A new exposure draft detailing the amendments to regulations under consideration shows that IRDAI is looking to remove the order […]
China general insurance market to reach $304.4bn in 2026: GlobalData
According to GlobalData, the Chinese general insurance market is set to grow at a compound annual growth rate (CAGR) of 7.2% from CNY1,367.7bn ($212.1bn) in 2021 to CNY1,943.1bn ($304.4bn) in 2026, in terms of direct written premiums (DWP). Despite registering a low growth of 0.7% in 2021 due to a decline in motor insurance, GlobalData […]
Barbados embeds parametric nat cat clause in sovereign bond issue
The Caribbean island nation of Barbados is one of the first in the world we’ve heard of to embed a parametric natural catastrophe event trigger within a sovereign bond issuance, with the occurrence of a natural disaster able to trigger a deferral of payments to holders of the dollar-denominated bond. Interestingly, Barbados has elected to […]
Hong Kong to step up ILS ecosystem promotional efforts
Hong Kong’s Insurance Authority (IA) is set to increase its efforts to promote its nascent insurance-linked securities (ILS) framework and attract more catastrophe bond or ILS issuance activity to the country. The Insurance Authority (IA) has been promoting Hong Kong’s ILS framework for a number of years now, with two catastrophe bonds issued there so […]
In a turbulent world, we must securitize resilience: UNDP’s Kellett & Stander
Given the challenges faced in an increasingly volatile and turbulent world, insurance and risk finance are key tools that can help to shift the balance of risk, while insurance-linked securities (ILS) can “securitize resilience”, according to United Nations Development Programme (UNDP) representatives. The UNDP published its Human Development Report today, with social insurance against future […]
African Development Bank, UK & London Market insurers enter risk transfer partnership
The African Development Bank, the government of the United Kingdom, and global insurers, AXA XL, Axis Specialty, and HDI Global Specialty, have closed on a new and innovative risk sharing transaction. The Room to Run Sovereign transaction was structured with the intention of scaling up the African Development Bank Group’s commitments to climate finance by […]
Post-hurricane Ian ILS market seen as “entry opportunity” by VP Bank
Even with the losses from hurricane Ian hanging over the insurance-linked securities (ILS) market, Liechtenstein-based private bank VP Bank AG maintains an overweight view on the asset class and sees the rising premiums to come as an “entry opportunity” for investors. VP Bank undertakes asset management and investment consultant activities for private and institutional investors, […]
What a storm 10 years ago could look like 30 years from now
Recent studies indicate that climate change could cause a storm with an increase in wind loss of about 50% and an increase in storm surge loss of about 70% compared to what occurred during Hurricane Sandy. (This image of the New Jersey shore after Hurricane Sandy was captured by U.S. Air Force Master Sgt. Mark C. […]
Hurricane Ian – no matter the number, cedents will trap as if its $70bn: Millette
During a panel discussion at the ILS Bermuda Convergence 2022 event yesterday, Michael Millette told the audience that while the quantum of loss matters after hurricane Ian, with such a range of estimates, the risk is that cedents will all seek to trap capital as if the industry impact is going to be $70 billion […]
The 2023 opportunity looks more attractive for ILS: Convergence
On the final day of the 2022 Convergence event in Bermuda, experts from across the insurance-linked securities (ILS) sector explained that, despite the challenges of recent years, there are opportunities out there. To end this year’s Convergence, Jan-Hendrik Hein, Investor Relations & Business Development Lead at Hiscox ILS, moderated a panel featuring experts and executives […]