African insurers can help to reduce climate change impact in the country: Faber

According to the Africa Insurance Pulse, produced by Zurich-based Faber Consulting, Africa is particularly vulnerable to the effects of climate change due to low adaptive capacity and widespread poverty. Yet, by working with policymakers, the sector can help to mitigate and protect Africa from the consequences of climate change while creating new opportunities for the […]

Risky business: Three exam questions from the Risk Pool Summit

The Centre for Disaster Protection works on how the international system can better protect people when disasters strike. With years of experimentation and iteration behind them, risk pools are an essential piece of the answer, offering predictable pay-outs for pre-agreed risks like earthquakes and droughts. CCRIF SPC (formerly The Caribbean Catastrophe Risk Financing Facility) has […]

New financing mechanism for climate action becomes operational

Helsinki, 30 June 2022 – A new finance mechanism to strengthen weather and climate observations, improve early warnings to save lives, protect livelihoods and underpin climate adaptation for long-term resilience has opened its doors for business. The Systematic Observations Financing Facility (SOFF) is a key building block for a new initiative spearheaded by United Nations Secretary-General General António Guterres to […]

London workshop with Twelve Capital and African Risk Capacity

Climate change leads to a larger protection gap of which 96% is in the developing world* Twelve Capital held a workshop with high calibre market players to discuss how natural catastrophe risks can be transferred to financial markets for disaster relief in emerging markets. Against the backdrop of Impact Investing some highlights covered were: – […]

One Concern & WTW team to accelerate adoption of parametric insurance

One Concern, a resilience-as-a-service solutions provider with a focus on providing upfront information on potential financial impacts of climate related loss events, and broker plus advisor WTW, have teamed up with a goal to accelerate the adoption of parametric insurance solutions. As we’ve explained before, One Concern provides climate related analytics, but with a unique […]

Zambia’s ARC parametric drought insurance to payout US $5.3m

The African Risk Capacity (ARC) has paid out and already disbursed US $5.3 million to the Government of Zambia after the African nations parametric drought insurance coverage was triggered. A symbolic US $5.3 million cheque was presented to the Zambian Government by representatives of the African Risk Capacity Group and the African Development Bank, with […]

ILS gains attention as climate change felt around the world: HK IA’s Cheung

On announcing the completion of the second catastrophe bond issuance domiciled in Hong Kong, the Insurance Authority’s CEO Clement Cheung explained that insurance-linked securities (ILS) are a focus as they gain increasing attention. The Insurance Authority said that it welcomes the second issuance of insurance-linked securities (ILS) in Hong Kong. As we’ve been reporting for […]

Malawi to receive parametric drought insurance payout from ARC

The African Risk Capacity (ARC) will make at least a US $14.2 million payout to benefit the people of Malawi, after the country’s parametric drought insurance coverage was triggered. The climate insurance pay-out will be made by African Risk Capacity (ARC) Limited to the Malawian government in June, after the country experienced its driest season […]

Peak Re’s cat bond to be first to use Hong Kong ILS grant

Having recently completed the sponsorship of its first ever catastrophe bond, Hong Kong headquartered global reinsurer Peak Reinsurance Company (Peak Re) wants to play an important role in helping to develop Asia’s insurance-linked securities (ILS) market and building regional resilience. This is according to Franz Josef Hahn, CEO of Peak Re, who in commenting on […]

Peak Re sponsors 144A catastrophe bond in Hong Kong

Hong Kong-based global reinsurer, Peak Re has issued a US$150 million 144A catastrophe bond via Black Kite Re Limited, a newly established special purposed insurer in Hong Kong. As part of the transaction, Peak Re has entered into a retrocession arrangement with Black Kite Re, providing Peak Re with a multi-year protection against typhoon risk […]