Water utilities in the Caribbean region can now purchase parametric insurance coverage through CCRIF SPC to protect them financially against such extreme weather events as hurricanes, tropical storms, and excess rainfall events. The Caribbean Water Utility Insurance Collective was established as a segregated portfolio (SP) within CCRIF.
Despite strong premium growth, the US property-casualty insurance industry continued to generate significant underwriting losses during the first half of 2023, according to Fitch Ratings. The rating agency said it expects the industry's results to improve during this year's second half as price increases continue to take hold.
Global risk transfer experts discussed the potential benefits of a UK captive insurance regime at a recent roundtable discussion. The gathering was the first time the UK government had brought together market experts to discuss the benefits a captive insurance regime could bring to the United Kingdom.
US commercial insurance prices increased 6.1 percent during this year's second quarter, according to Willis Towers Watson's (WTW's) Commercial Lines Insurance Pricing Survey (CLIPS). The second-quarter price increase was up slightly from the 5.6 percent increase during the first 3 months of this year, WTW said.
Bermudian (re)insurers' underwriting performance has improved in recent years, and recent strategic shifts in their underwriting practices could bode well for their future, according to S&P Global Ratings. Still, the combination of heightened natural catastrophe losses, persistently high inflation, and potential shortfalls in loss reserves could pose roadblocks.
A new IRMI Podcast on the International Risk Management Institute, Inc., and Captive.com Captive Podcasts page features Luis Delgado of Strategic Risk Solutions (SRS) discussing explosive captive growth in the Latin America (LATAM) region. Mr. Delgado is Latin America regional director at SRS.
Global reinsurers' limited appetite for business in Latin America has created opportunities for domestic and regional reinsurers in the region, according to A.M. Best. At the same time, over the past 4 years the minimal number of severe catastrophe events in the region have not produced major insured losses.