Santam passes most of $257m flood loss to reinsurers
South African insurer Santam has reported its results for the first six months of 2022, which include a gross exposure of R4.4 billion (USD 257 million) to flooding in the KwaZulu-Natal province. However, the company’s net impact from the floods was limited to R566 million (USD 33 million) thanks to its reinsurance program, meaning reinsurers […]
African Risk Capacity (ARC) seeks cost-efficiency and capacity
The African Risk Capacity (ARC), a provider of parametric disaster insurance products to countries and now other entities in Africa, wants to become the continent’s disaster risk financing provider of choice, but increasing its capacity and lowering-costs for country members remains key. Efficiency has always been important for the African Risk Capacity (ARC), particularly in […]
ARC addresses role of insurance on climate change impacts in Africa
The African Risk Capacity Insurance Company (ARC) has hosted a regional meeting to address the role of insurance in fighting climate change impacts on the African continent. Representatives from ARC member states and funding donor partners met in Malawi to discuss how parametric insurance has the potential to transform how the continent deals with climate-change-induced […]
Asia Insurance Review: Hybrid solutions for China’s natural catastrophes
Even as countries across the globe grapple with climate change, alternate risk transfer mechanisms like parametric solutions are emerging as the best option. Phoenix CRetro Reinsurance’s Mr Kirill Savrassov and Tenax Capital’s Mr Toby Pughe spoke with Asia Insurance Review. By Anoop Khanna According to a PwC report published in May 2022, the insurance protection gap could reach $1.86tn by 2025 and […]
Insurance bonds among best paying for yields, with significant upside: Twelve
Insurance bonds should not be ignored as a defensive investment opportunity with both yield and upside potential, according to Twelve Capital, with the manager believing that market dynamics have created a particularly attractive entry point for investors. With global financial and capital markets volatility continuing, inflation high, interest rates rising and a continued backdrop of […]
Disaster Risk Financing could help to mitigate climate risk in Africa
Only three percent of losses caused by drought, floods and tropical cyclones have been insured on the African continent. This emerged at a recent DZ BANK Capital Markets Conference held in Berlin. Insured losses on the African continent are close to 97 percent, which means, at best, only three percent of losses caused by drought, floods […]
Madagascar gets ARC parametric drought insurance payout as well
The country of Madagascar is the latest to benefit from a payout under its parametric drought insurance coverage from the African Risk Capacity (ARC), with almost $800k to be disbursed to the government. The African Risk Capacity Group and the African Development Bank presented the Government of Madagascar with a US $797,049 cheque as an […]
Novel cat bonds on the horizon: Brad Adderley, Appleby
On the back of a robust opening quarter, catastrophe bond issuance remained strong in the second-quarter of 2022, and with interest from new sponsors with novel transactions, growth could be on the horizon, according to Brad Adderley. “We have done a fair amount of cat bonds in Q2, and we have not had any transactions […]
Swiss ILS fund managers collaborating on ESG transparency
Artemis has learned that a group of Switzerland-based insurance-linked securities (ILS) investment fund managers have been collaborating to develop a data transparency proposal to help enhance environmental, social and governance (ESG) in the ILS market. After what we understand to be a few months of work, an initial ESG data request file template has now […]
Expanding hurricane insurance coverage for individuals in the Caribbean
Parametric policies designed for lower-income consumers could help bridge the disaster insurance gap. Globally, uninsured damages from disasters add up to over US$160bn per year, with 96% of this protection gap affecting emerging economies. Parametric disaster insurance can help by offering protection to many of those who are most vulnerable to natural hazards. The Yokahu insurance company […]