Jamaica’s first cat bond launched at $175m by World Bank IBRD
The first catastrophe bond to benefit the Caribbean island nation of Jamaica has now been launched to investors, with the IBRD CAR 130 transaction, that is being issued via the World Bank, set to provide the Government with a $175 million or greater source of named tropical storm and hurricane disaster insurance protection. We learned recently […]
UZBEKISTAN: UNDP helps develop the insurance sector in Uzbekistan
UNDP, together with the Agency for the Insurance Market Development at the Uzbek Ministry of Finance, organized a seminar on June 24, 2021, during which the results of the diagnostics of the development of inclusive insurance and risk financing in Uzbekistan were presented, UzDaily.uz reports. It was noted that due to the vulnerability of Uzbekistan […]
Catastrophe bond market can expand further in 2022: Willis Re
The catastrophe bond market has a good opportunity to continue expanding and the current elevated activity could run right into 2022, according to reinsurance broker Willis Re. In reporting on the mid-year reinsurance renewal season, after which the market is said to be approaching equilibrium, Willis Re explained that catastrophe bond issuance has been particularly […]
Today’s ILS Investor: A Catalyst for Change
The $90 billion insurance-linked securities (ILS) sector is undergoing a sea change, led by investors with significant experience in the industry and a heightened awareness of the need to marry their desire for non-correlated risk and attractive returns with the growing demand for responsible investment. For most of the last 20 years, traditional ILS investors […]
Kazakhstan: Almaty nonchalant over earthquake fears
As Kazakhstan awaits the Big One, its seismologists are underfunded while ever-taller buildings rise in the earthquake-prone commercial capital. Nur-Sultan may be cold and windy, but at least earthquakes aren’t a concern. That was Andrei Krasilnikov’s thought when he moved to the capital from Kazakhstan’s mountain-fringed business metropolis, Almaty. “It was a shame to have […]
Jamaica catastrophe bond grant agreements signed, deal imminent
The project to issue a first catastrophe bond to benefit Jamaica has made further progress this month, with an important grant approval now received and the World Bank facilitated cat bond deal launch now imminent. Of course, any regular Artemis readers will know that this World Bank project to issue a sovereign catastrophe bond for […]
Greater Bay Re registered for China Re cat bond in Hong Kong
We’ve learned that the first company destined to be an insurance-linked securities (ILS) special purpose vehicle has already been registered in Hong Kong, with Greater Bay Re Limited established to issue a catastrophe bond on behalf of China Re, sources told us. It’s an important sign of the state of readiness of Hong Kong’s legislative and […]
Weather disasters displace more people than any other factor globally in 2020
A new report shows that weather related disasters were the primary driver of displaced people in 2020, with almost three-quarters of people internally displaced affected by weather, with storms and flooding the primary peril drivers of this. In 2020 alone, some 40.5 million people were internally displaced within their own countries, with conflict and violence […]
Generali hails completion of the first green catastrophe bond
Italian and global insurance giant Assicurazioni Generali S.p.A. has hailed the successful completion of its first green catastrophe bond issuance, the EUR 200 million Lion III Re DAC transaction. The deal was launched to the cat bond investor community earlier this month, and benefiting from strong investor demand Generali secured it at attractive pricing, as we’d previously […]
Hong Kong publishes special purpose insurer (SPI) application guidelines
The Hong Kong Insurance Authority has today published guidelines related to its new insurance-linked securities (ILS) regulatory framework in the Government Gazette, with details on applications to establish special purpose insurers (SPI) in the domicile now finalised. Hong Kong’s “Guideline on Application for Authorization to Carry On Special Purpose Business (GL 33)” is a comprehensive document […]