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The US Senate has cleared a bill which will prevent the proposed flood-insurance premium increases for areas including Florida, Louisiana and New Jersey, which could have seen home owners face a 25 percent rate increase annually. 14 March 2014
Alternative Risk Transfer
The rapid growth of the insurance linked securities (ILS) markets on Bermuda will benefit the island’s economy by driving a new wave of capital spending and hiring on the island – a dynamic similar to what the waves of reinsurance start-ups brought to the island over the years. 13 March 2014
Alternative Risk Transfer
Munich Re has completed a $100 million cat bond that will provide it with coverage for three seasons of per occurrence protection for named storms affecting the US and for cyclones affecting Australia. 13 March 2014
Alternative Risk Transfer
Standard & Poor’s (S&P) is open to rating new risks that could be covered using insurance-linked securities (ILS) but terrorism risk could be a step too far for the rating agency, despite calls from some investors for the ILS market to consider this risk. 12 March 2014
Alternative Risk Transfer
US property/casualty insurer Great American Insurance Group, a subsidiary of financial services firm American Financial Group, is set to use the insurance linked securities (ILS) markets for the first time with a $95 million deal that will offer coverage of named storms, earthquakes, severe thunderstorms and winter storms. 12 March 2014
Alternative Risk Transfer
A new Florida bill, designed to reduce the level of coverage granted by the state’s catastrophe pool, could mean that an additional $3 billion of business could move into the private reinsurance sector. 11 March 2014
Alternative Risk Transfer
A rapidly growing number of smaller cedants, thus far ignored on the basis of their size by the true insurance-linked securities (ILS) markets, are working with other providers of alternative forms of reinsurance to supplement their existing programmes with a growing amount of collateralised coverage. 7 March 2014
News
JLT has expanded its Latin American presence by establishing JLT Re Argentina based in Buenos Aires, The new venture will be headed by Matias Rosales, formerly general manager of Cooper Gay Argentina. 7 March 2014
News
Israeli insurer Israel Direct Insurance (IDI) has completed an innovative first of its kind cat bond deal using a parametric trigger facilitating protection against earthquake losses. 6 March 2014
Alternative Risk Transfer
The growth of the insurance linked securities (ILS) markets could be good for the insurance industry as a whole but some concerns remain around the risk modelling used by these deals and standardisation of documentation in the market could be improved. 6 March 2014
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