ORIGINAL PUBLICATION HERE Despite a multitude of other catastrophes in 2018, the single biggest loss event for reinsurers was so-called loss creep from 2017’s Hurricane Irma. Dirk Lohmann of Schroders examines what went wrong and what the industry must learn. If there were two words to describe an investor’s perception of one of the key […]

ORIGINAL PUBLICATION HERE Insurers working across the Commonwealth Independent States (CIS) of former Soviet Russia can expect to see further consolidation in their sector, according to the latest special report from AM Best. The report said mergers and acquisitions (M&As) have been driven in part by companies trying to gain the “critical mass” they need […]

ORIGINAL PUBLICATION HERE The re/insurance industry holds high expectations for blockchain technology as an opportunity to increase efficiency of insurance processes, and the future is beginning to take shape with the launch of new platforms and products. Intelligent Insurer reports. Blockchain, also dubbed distributed ledger technology, is the technology behind digital currencies such as Bitcoin […]

ORIGINAL PUBLICATION HERE The risk transfer industry understands that more could be done to close the protection gap, and more risk pools linked to governments could help solve this problem, argues Laurent Montador of French reinsurer CCR, which is backed by the French government. Re/insurance pools, whether governmental or private market-driven, are usually created involving […]

ORIGINAL PUBLICATION HERE The protection gap in Europe remains large in many countries—but this is where growth can be generated for reinsurers as governments look to solve this challenge, as Claudia Cordioli of Swiss Re tells Baden-Baden Today. There is plenty of growth opportunity in Europe for the re/insurance sector as certain governments are warming […]

ORIGINAL PUBLICATION HERE. НА РУССКОМ ЗДЕСЬ Parametric cat bonds can help the countries of South Eastern Europe, Central Asia, Caucasus, The Commonwealth of Independent States as well as Turkey (ECIS) cope with the protection gap in natural catastrophe risk, Kirill Savrassov, CEO of Phoenix CRetro, a niche Bermudian ILS specialist, told Baden-Baden Today. “With low […]

ORIGINAL PUBLICATION HERE End investors, ILS funds, and buyers – the three groups active in ILS – have predominantly weathered 2017 loss activity with a view that reinsurance products backed by ‘alternative’ capital have become mainstream, according to a new Global ILS Market Survey by Willis Towers Watson. The survey of all three constituents of […]

这里的原始出版物 指数巨灾债券可以帮助东南欧,中亚,高加索,独联体以及土耳其等国家和地区应对自然灾害风险的保障缺口。Phoenix CRetro首席执行官基里尔·萨夫拉索夫(Kirill Savrassov)是一个富有经验的百慕大保险链接债券(Insurance-linked securities, ILS)专家,今日巴登巴登报对其进行了专访。 鉴于低保险深度(低于2%),再保险贸易保护主义和日益严重的气候变化等诸多因素,独联体国家需要通过替代工具来转移灾害风险,这正是保险链接债券(ILS)市场确实可以解决的。 他指出该地区历来饱受自然灾害之苦,其中地震是最具破坏性的。在2005年至2014年期间,该地区发生314起自然灾害事件,影响了1100多万人并造成6万多人死亡。这些事件造成了约250亿美元的经济损失,但却很少有保险承保。萨夫拉索夫补充说:“自然灾害对我们的影响不仅是其造成的死亡和伤害,还会对幸存者和国家造成持久的经济影响。自然灾害不只破坏家园和田地,甚至阻碍多年的经济增长。“ 联合国国际减灾战略署在新发布的报告《1998-2017年经济损失,贫困和灾害》中评论了自然灾害对中低收入国家的影响。报告指出气候变化在引发世界各地的灾害损失方面发挥着越来越重要的作用,这种情况在未来很可能一直持续下去。尽管富裕国家承担着更大的经济损失,但灾害对低收入和中等收入国家造成的影响是不成比例的。由于缺乏灾难导致发展中国家经济损失的分析,这意味着报告中引用的数据只是“冰山一角”。 因此萨夫拉索夫引用了上个世纪的一些重大事件,包括1948年的阿什哈巴德地震导致几乎土库曼斯坦10%的人口死亡;1966年塔什干地震摧毁了该市的大部分建筑;1988年的Spitak地震导致近5万人死亡,13万人受伤,51.7万人无家可归,甚至影响了全国约40%的生产能力。此外由于气候变化,巴尔干地区目前将极端天气事件视为新的“正常”事件,特别是洪水。例如2014年巴尔干洪水造成的损失相当于塞尔维亚国内生产总值的近5%,波黑国内生产总值的近15%。 “灾难发生时,必须立即采取措施保护幸存者,并提供临时住所和紧急食品和衣服,重建房屋,重建该地区的基础设施。如果要有一个让每个人都受益的解决方案,很可能是政府在国家层面上提供的。” 在提高保险深度方面,萨夫拉索夫认为转移国内灾害风险并不总是采取保险的方式,尤其是涉及到关键基础设施的时候。另一个问题是保险需要损失证明,具体所付金额仅仅依据赔偿基础,他指出整个过程可能非常耗时并且会延迟资金的支付。某些国家的再保险保护主义也可能限制本地参与者进入市场,反之亦然,这使得其在发生重大灾难时难以为政府提供保险。 联合国和国际金融机构在保险链接债券(ILS)上的积极态度以及迄今为止良好的业绩,使得ILS成为了不同地区和政府在灾害风险转移方面的一个不错的选择。鉴于具体要求不同,通常此类解决方案都需要量身定制,但在萨夫拉索夫看来巨灾债券是非常适合东南欧,中亚,高加索地区和独联体等区域的。 萨夫拉索夫最后总结说到,经过十年的稳步发展,保险链接债券(ILS)已经成为了一个超过1000亿美元资产且业绩强劲的市场,因此受到养老基金等机构投资者日益增长的青睐,并拥有创建和发展独立透明参数触发的能力。ILS基金管理战略不仅为政府提供了良好的巨灾风险解决方案,而且可以为资本市场提供集团内部多元化资源配置以抵御新兴风险。

ORIGINAL PUBLICATION HERE. НА РУССКОМ ЗДЕСЬ Multi-cat bonds or other ILS solutions are the only viable solution for coping with natural disasters in the Eastern European and Commonwealth of Independent States region, and Bermuda could have a big role to play in making this happen, says Kirill Savrassov, chief executive of Bermuda-based Phoenix CRetro Reinsurance. The […]

ОРИГИНАЛЬНАЯ ПУБЛИКАЦИЯ ЗДЕСЬ Мульти-катастрофические облигации или другие решения из области Страховых Ценных Бумаг (ILS) являются наиболее действенным решением для финансирования последствий стихийных бедствий в Восточной Европе и СНГ, при этом Бермуды могли бы сыграть большую роль в их внедрении и развитии, говорит Кирилл Саврасов, Главный исполнительный директор Phoenix CRetro Reinsurance, расположенной на Бермудах. Цена природных […]