Catastrophe Risks
Bermuda Insurers, Reinsurers Expect $6 Billion in Hurricane Ida Losses
Bermuda insurers and reinsurers estimate they will incur $6 billion in gross claim losses as payments to US policyholders to cover damage from Hurricane Ida, according to the Bermuda Monetary Authority (BMA). The estimate is from commercial insurers' market claims data collected by the BMA in November. Read More
Insurers Likely Able To Absorb Losses from Deadly Tornado Outbreak
A.M. Best said it expects insurance companies to be able to absorb losses from the deadly tornado outbreak that struck six US states December 10–11, but supply chain challenges and inflation may exacerbate insured losses. The tornado damage will dampen underwriting results for US property-casualty insurers. Read More
2021 Hurricane Season Met Forecasts for Above-Average Season
The Atlantic hurricane season that officially ended on November 30, 2021, lived up to predictions as an above-average season, according to the US National Oceanic and Atmospheric Administration. The 2021 season produced 21 named storms, including 7 hurricanes of which 4 were major hurricanes with winds of 111 mph or greater. Read More
Bill Creating TRIA-Like Federal Pandemic Backstop Reintroduced
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. Read More
CCRIF Grant To Help Belize Improve Extreme Rainfall Warning System
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. Read More