ORIGINAL PUBLICATION HERE Phoenix CRetro Reinsurance Company chief executive Kirill K Savrassov says as huge investments are being poured into the Belt and Road Initiative (BRI) across Asia and Europe, introduction of catastrophe bonds can take the risk off the government balance sheets and reinforce macro-economic stability while providing access to rapid recovery funding. The […]

ORIGINAL PUBLICATION HERE As investments into China’s Belt and Road Initiative (BRI) increase, Kirill Savrassov, CEO of Phoenix CRetro Reinsurance Company, told Baden-Baden Today that it represents big opportunities and challenges for the reinsurance industry, especially from a cat perspective. He said the project, led by China and sometimes described as a multibillion dollar rebirth […]

ORIGINAL PUBLICATION HERE. PDF VERSION HERE China’s Belt and Road Initiative, the economic project which aims to recreate the ancient Silk Road that linked Europe to Asia, needs protecting. ILS could provide the perfect solution, as Kirill K. Savrassov, chief executive of Phoenix CRetro Reinsurance Company, tells Bermuda:Re+ILS. In September a 5.8 magnitude earthquake shook Istanbul, triggering the evacuation of schools […]

FULL ORIGINAL PUBLICATION HERE Parametric triggers, coupled with increasingly granular data and technology, can “expand the limits of insurability” according to Swiss Re, especially when it comes to non-physical damage business interruption (NDBI). Innovation continues to deliver on new ways to mitigate risks, Swiss Re said in a recent report. These innovations are enabling better […]

FULL ORIGINAL PUBLICATION HERE Bangladesh could benefit from the use of insurance and reinsurance structures including catastrophe bonds as a way to secure much needed capacity enabling it to better respond to natural disasters and climate related risks, according to the International Monetary Fund (IMF). Having completed a new economic assessment of the country, the […]

FULL ORIGINAL PUBLICATION HERE The U.S. state of California is getting increasingly serious about the use of insurance or risk transfer to provide financing against climate risks and financing to support climate adaptation and resilience building. The state is already in the process of putting into place legislation that would allow it to purchase insurance, […]

Risk managers & C-Suite lack understanding of parametric risk transfer

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FULL ORIGINAL PUBLICATION HERE The insurance and reinsurance industry has much more to do to promote parametric risk transfer and other alternative risk strategies, as both risk managers and the C-Suite of major corporations lack a clear understanding of its benefits. The increasing availability and abundance of data and advanced analytics tools, combined with alternative […]

Cost, efficiency, product & unbundling vital to protection gap initiatives

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FULL ORIGINAL PUBLICATION HERE Public and private market efforts and collaboration to narrow or even close the insurance protection gap need to be accelerated and uptake of risk transfer needs to be extended, according to Chairman of AXA Denis Duverne. Speaking at an Insurance Development Forum (IDF) day held at the International Insurance Society (IIS) […]

Peru cat bond pay out of $60m for earthquake confirmed

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FULL ORIGINAL PUBLICATION HERE Peru’s earthquake catastrophe bond will make a $60 million partial pay out of its principal to the country after its parametric triggering was confirmed in the calculation agent report, it has now been confirmed to us. This $200 million IBRD CAR 120 Peru quake catastrophe bond, part of the World Bank’s giant Pacific Alliance […]

CCRIF to expand parametric insurance cover to utilities risk & drought

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FULL ORIGINAL PUBLICATION HERE CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is seeking a further expansion of its range of parametric insurance products for the region, with utilities such as energy firms and drought coverage both potential avenues it is exploring. Speaking at a conference in the Caribbean last week, CCRIF Chief Executive […]