The COVID-19 pandemic has made dramatic changes to the way we live and work, and many of those changes are likely to remain in place once the pandemic has passed. Robust risk management frameworks will position organizations to take advantage of the changed environment, a new white paper suggests.
Catastrophe bond and related insurance-linked securities (ILS) issuance reached a record at $16.4 billion in 2020, according to the "Q4 2020 Catastrophe Bond & ILS Market Report" from Artemis. The 2020 total exceeded 2018's previous record issuance by more than $2.6 billion and included $6 billion during the fourth quarter.
Confronted with the COVID-19 pandemic, many risk managers' immediate response was to prioritize their organizations' people, while business continuity plans that were developed as part of enterprise risk management efforts helped address pandemic-related disruptions, according to a recent survey. The Federation of European Risk Management Associations survey underscored risk management tools' importance.
January 1 reinsurance renewals and related negotiations will likely be lengthier and more complex than in prior years, according to a new report from Guy Carpenter. The intermediary cites several factors that will contribute to the complexities around coming renewals, including slow and uncertain COVID-19 loss development.
Alphabet, Inc., is reportedly in the process of sponsoring a $237.5 million captive-sponsored catastrophe bond to cover its California earthquake exposure. A story on the Artemis.bm website explains that Alphabet will use its Hawaii-domiciled captive insurance company, Imi Assurance, Inc., to act as fronting insurer for the risk.