insurance protection gap News

Global Property, Mortality Protection Gap Hits $500B: Swiss Re

Households and businesses face a $500 billion global property and mortality protection gap, according to Swiss Re’s latest sigma study. Swiss Re’s report said that the figure illustrates increasing risk vulnerabilities emerging around the world but also presents an opportunity …

AXA’s Duverne Named Chairman of Insurance Development Forum, Replacing Catlin

The Insurance Development Forum (IDF) announced the appointment of Denis Duverne as chair of its Steering Committee, succeeding Stephen Catlin, effective Sept. 11, 2018. The IDF is a public-private partnership, led by a senior insurance industry executive and supported by …

ILS Issuance in H1 Tops $7B, Reflecting Capital Markets’ Re/Insurance Appetite: Swiss Re

The first half of 2018 aptly demonstrated that the insurance-linked securities (ILS) market has an undiminished appetite to provide re/insurance protection – despite last year’s expensive insured natural catastrophe losses, according to Swiss Re Institute’s sigma publication While not quite …

Sustainable Re/Insurance Industry Vital in Uncertain World: Swiss Re’s Ojeisekhoba

Following Hurricane Katrina in 2005, former U.S. Vice President Al Gore described it as “the first taste of a bitter cup that will be proffered to us over and over again.” That devastating event killed more than 1,800 people and …

Zurich’s Flood Resilience Alliance Extended to Generate Additional Funding of $1B

Zurich Insurance Group announced that after five successful years its flood resilience alliance will be extended until 2023. In the last five years, a multi-sector alliance comprising the non-governmental organization (NGO) sector, academia and Zurich’s risk management experts has focused …

Cat Facility CCRIF Welcomes 2 New Members: British Virgin Islands, Montserrat

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced that British Virgin Islands and Montserrat have joined the facility and purchased coverage for the 2018/19 policy year, beginning June 1. Both countries obtained tropical cyclone and excess rainfall policies …

Cash-Strapped Papua New Guinea Gov’t Struggles to Help Desperate Quake Survivors

Almost a month after a deadly earthquake, Papua New Guinea is struggling to get aid to desperate survivors, having allocated just a fraction of its relief funds, while a rent dispute left disaster officials briefly locked out of their offices. …

Climate Change Worsens Effects of Natural Disasters, Costing Farmers Billions of Dollars

Natural disasters from droughts to floods are costing farmers in poorer countries billions of dollars a year in lost crops and livestock, and it’s getting worse thanks to climate change. Agricultural losses from weather events in developing nations totaled $96 …

WTW’s New Global Ecosystem Resilience Facility Provides Finance, Risk Mgmt Solutions

Willis Towers Watson, the London-based advisory, broking and solutions company, has developed the Global Ecosystem Resilience Facility (GERF), which it describes as the first global insurance facility to provide finance and risk management solutions to build the resilience of ecosystems …

UK Invests in Natural Disaster Hedge Fund Focused on Insurance for Developing Nations

Britain is backing a hedge fund that aims to raise $200 million to give developing countries access to climate risk insurance. Britain’s Department for International Development (DFID) is investing 25 million pounds ($35 million) over a 20-year period in the …