Private catastrophe bonds surpass $1bn for first time in 2021
For the first time on-record, annual issuance of privately placed catastrophe bond transactions has surpassed $1 billion in 2021, as these more streamlined insurance-linked securities (ILS) arrangements continued to play an important role for some protection buyers, ILS funds and investors. Private catastrophe bond activity had declined in 2020, as the annual issuance volume of […]
Munich Re: Hurricanes, cold waves, tornadoes: Weather disasters in USA dominate natural disaster losses in 2021
In 2021, natural disasters caused overall losses of US$ 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 […]
UK Gov committee approves plan to exempt ILS from Stamp Duty taxes
This week, UK Member’s of Parliament (MP’s) approved the passage of new Government legislation designed to exempt insurance-linked securities (ILS) issuance and reinsurance transformer vehicle issued notes from any Stamp Duty taxes, to promote ILS activity in the United Kingdom. The move saw MP’s from both sides of the House agreeing to pass the legislation, […]
Philippines gets $80m from World Bank CAT-DDO, with more expected
The government of the Philippines has drawn $80 million to help in the recovery from super typhoon Rai (Odette) from the World Bank supported catastrophe contingent line-of-credit it has in place through a Catastrophe-Deferred Drawdown Option arrangement, dubbed the CAT-DDO 4. As we reported more than one week ago, the Philippines had put the World […]
City National Rochdale ILW fund grows another 7% to $191m
The industry-loss warranty (ILW) focused mutual insurance-linked securities (ILS) fund strategy offered by investment adviser City National Rochdale (CNR) has continued to grow in the last quarter of record, adding a further 7% to reach over $191 million in assets. The City National Rochdale Select Strategies (CNRLX) fund is an interval style mutual fund that […]
Enormous potential for cat bonds in Greater Bay Area: Hong Kong’s Carrie Lam
Carrie Lam, Chief Executive of the Government of Hong Kong, sees “enormous potential” for catastrophe bonds and insurance-linked securities (ILS) to provide important disaster risk capital to underpin risks in the Greater Bay Area. The Greater Bay Area, also known as the Guangdong – Hong Kong – Macau Greater Bay Area, is a megalopolis made […]
Philippines requests cat bond event calculation for typhoon Rai (Odette)
The Philippines Government Treasury department has now issued a notice to the calculation agent requesting that an assessment be made as to whether recent super typhoon Rai (locally known as Odette) might have triggered its World Bank issued IBRD CAR 123-124 catastrophe bond coverage. The World Bank issued catastrophe bond provides the Philippines with $150 million […]
GIIF: Africa Risk Capacity (ARC) Group Spotlight Interview
Background: During the just-concluded COP26, Africa Risk Capacity (ARC) Group showcased its lessons learnt in implementing continent-wide climate risk resilience initiatives for millions of Africans through dynamic partnerships. ARC Group also received new funding for scaling its reach and impact to safeguard livelihoods for the most vulnerable at the frontlines of climate change-mediated hazards. The […]
Super typhoon Rai puts Philippines World Bank cat bond on alert
Super typhoon Rai, or typhoon 28W which is known locally in the Philippines as Odette, is tracking towards the country’s central and southern islands and is expected to make landfall with sustained winds as high as 160 mph, putting holders of the World Bank issued IBRD CAR 123-124 catastrophe bond on alert. The World Bank International […]