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 […]

Parametric ILS “vital” to reduce protection gaps, increase resilience: Mark Carney, Bank of England

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FULL ORIGINAL PUBLICATION HERE Mark Carney, the Governor of the Bank of England, discussed the role of insurance and reinsurance technology as an essential financial took to smooth the world’s transition to a 1.5 degree world and highlighted the role of insurance-linked securities (ILS) within that. Speaking on Sunday in New York, on the sidelines […]

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 […]

ORIGINAL ARTICLE IN PDF HERE. MONTE-CARLO TODAY DAY 4 MAGAZINE HERE (EMAG) There is a potentially big opportunity for the insurance-linked securities (ILS) markets to develop parametric cat bonds that could cover some of the growing risks in Eastern Europe and Western areas of Asia, according to Kirill Savrassov, chief executive of PhoenixCRetro. Savrassov told […]

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, […]

Asian Development Bank launches contingent disaster risk financing solution

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FULL ORIGINAL PUBLICATION HERE The Asian Development Bank (ADB) has launched a new contingent natural disaster risk financing solution which it has named contingent disaster financing (CDF), as it seeks to deliver rapid paying risk capacity for its members after they experience significant natural catastrophe events. Contingent disaster financing (CDF) is a mechanism by which […]

Lekima the second most costly China typhoon as estimate hits $7.4bn

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FULL ORIGINAL PUBLICATION HERE Typhoon Lekima is without doubt set to become one of the most expensive natural disaster events to strike China in recent years, with the latest economic damage estimate of approximately US $7.4 billion placing the storm as the second most expensive typhoon to hit China ever. Typhoon Lekima came ashore in […]