ORIGINAL PUBLICATION HERE The Philippines, the Asian Development Bank and private market entities are working to develop a parametric disaster insurance pooling facility for Philippine cities to buy protection from, backed by reinsurance and capital markets funding. The Philippine City Disaster Insurance Pool (PCDIP) is being designed by a collaboration between the Philippine Department of […]

ORIGINAL PUBLICATION HERE Reinsurance firm Swiss Re continues to expand its parametric risk transfer activities, this time with the launch and backing of the first county-level natural catastrophe index insurance product in China. Swiss Re is backing and reinsuring a county-level index insurance cover for Mao County in Sichuan province, Financial News reported, the first […]

ORIGINAL PUBLICATION HERE The CCRIF SPC (formerly named the Caribbean Catastrophe Risk Insurance Facility) has expanded its parametric risk pool to include Panama, as the Central American country joins the provider of parametric sovereign disaster risk transfer products and signs up for excess rainfall protection. The CCRIF is a multi-country risk pool, providing parametric disaster […]

ORIGINAL PUBLICATION HERE Commercial risk transfer and corporate insurance solutions provider Swiss Re Corporate Solutions has launched a new parametric product designed to protect European companies that are exposed to high or low water levels. A division of the global reinsurance firm Swiss Re, Swiss Re Corporate Solutions increasingly offers tailored parametric insurance products to […]

ORIGINAL PUBLICATION HERE A number of countries belonging to the Association of Southeast Asian Nations (ASEAN) have signed a Memorandum of Understanding for the establishment of the region’s first disaster risk financing facility. The Southeast Asia Disaster Risk Insurance Facility (SEADRIF) will initially comprise a trust and an insurance company in Singapore, working in partnership […]

ORIGINAL PUBLICATION HERE The earth’s climate could be changing faster than first thought – and definitely faster than insurers would like. This presents great challenges to the industry which needs to address them quickly, Intelligent Insurer discovers. Scientists have warned for some time that rising air and sea temperatures could mean an increase in the […]

ORIGINAL PUBLICATION HERE The protection gap is a serious concern for senior insurance executives throughout the Association of Southeast Asian Nations (ASEAN) region, as large uninsured losses adversely affect a country’s fiscal position and ability to recover swiftly, according to a report published by Dr. Schanz, Alms & Company and Malaysian Re. A lack of […]

ORIGINAL PUBLICATION HERE The coastal Indian state of Kerala suffered an estimated economic loss of $4.5bn due to the floods that ravaged the state in August this year. Kerala has demanded that the federal Indian government provide additional resources to rebuild the state’s damaged infrastructure. Kerala’s demand for additional resources has initiated a debate about […]

ORIGINAL PUBLICATION HERE ILS has potential for deployment and growth in Asia, where insurance penetration is low and natural and manmade catastrophes inflict huge economic costs on governments, causing considerable strain on state budgets. JLT Re’s ex-CEO, Michael Reynolds believes that the Asian region with its underlying growth and development is going to be important […]

ORIGINAL PUBLICATION HERE The 1% aggregate exceedance probability insured loss (also the 100-year return period loss) from catastrophe events around the globe is now estimated at almost $271 billion by risk modeller AIR Worldwide, the highest level the metric has ever been placed at. Each year AIR Worldwide reports on global catastrophe exposure and the […]