A senior member of the US House of Representatives' Financial Services Committee has reintroduced the Pandemic Risk Insurance Act of 2021. The legislation introduced by Rep. Carolyn B. Maloney (D-NY) would create the Pandemic Risk Reinsurance Program. Ms. Maloney first introduced a version of the legislation in 2020.
CCRIF SPC has provided a grant to the government of Belize to enhance its early warning systems for extreme rainfall events. With this latest grant of $43,140, CCRIF has provided Belize with $143,000 since 2017 to support the country's purchase and installation of automatic weather stations.
On average, catastrophes around the world are expected to cause annual insured losses of $106 billion, according to modeling firm AIR Worldwide. The estimate is from AIR's 2021 Global Modeled Catastrophe Losses report, which details global financial loss metrics based on AIR's latest suite of models reflecting near-term climate risk.
The US property insurance market is accumulating cyber risk to the extent that a 1-in-100-year loss could result in $12.5 billion in nonphysical damage losses, according to a new report. The report is based on a study by insurance industry cyber-risk analytics firm CyberCube, A.M. Best, and Aon.
A La Niña has developed and will extend through a second winter in a row, potentially influencing the remainder of this year's Atlantic hurricane season and winter weather in the United States and Canada, according to the Climate Prediction Center of the National Oceanic and Atmospheric Administration (NOAA).