Swiss Re’s research arm Sigma has issued its preliminary estimates for the total insured losses for the global insurance industry from natural catastrophes and man-made disasters in the first six months of the year, and have put the figure at $70 billion.
The growing Middle East reinsurance market has a new underwriter with the announcement by one of the region’s leading reinsurers that it is to form a joint venture with Lloyd’s group Hardy Underwriting.
While the fears that the available reinsurance capacity would dry up long before the end of the year have been proved unfounded, marine and energy insurers are still at odds with reinsurers over the cost of cover says a leading broker.
With Hurricane Bill having missed the Leewards islands the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and the Caribbean Disaster Emergency Response Agency (CDERA) announced they have signed a Memorandum of Understanding (MOU) formalising a partnership to facilitate capacity building and to develop strategies for mitigating the physical and socio-economic impacts of natural disasters, such as hurricanes and earthquakes, on countries in the region.
Global reinsurers have remained disciplined at the pivotal July 1 renewals as with the exception of specific Asian coverages rates have continued to rise across the board and in particular those exposed to US catastrophe risks.
Plans for the city of Shanghai to launch a reinsurance exchange have moved a significant step closer after it was revealed the city had applied to China’s central government for approval for the scheme.