Market News
Guernsey SPV at Heart of New Disaster Response Financing Mechanism
The International Federation of the Red Cross and Red Crescent (IFRC), in collaboration with Aon, Lloyd's Disaster Risk Facility, and the Center for Disaster Protection, has launched an innovative disaster response risk transfer mechanism using a Guernsey special purpose vehicle (SPV). Read More
2023 Seen as Transition Year for US Property-Casualty Profitability
This year will likely be a transition year for the US property-casualty insurance industry's profitability, as the industry moves from a difficult 2022 to a stronger 2024 as higher premiums and increased interest rates improve industry results, according to Swiss Re. Read More
Honduras Becomes the Latest Central American Government To Join CCRIF
The government of Honduras has purchased parametric excess rainfall coverage from CCRIF SPC, making it the facility's fourth member country from Central America. Honduras' participation in CCRIF was supported by the Central America and Caribbean Catastrophe Risk Insurance Program Multi-Donor Trust Fund, administered by the World Bank. Read More
US Commercial Auto Segment Expected To Remain Unprofitable in 2023
Despite continued price increases and underwriting changes, the US commercial auto insurance market will likely remain unprofitable in 2023 due to rising claims severity caused by inflation and growing litigation risk, according to Fitch Ratings. The rating agency expects the segment's combined ratio to exceed 106 percent this year. Read More
Bermuda, UK (Re)Insurance Groups Look To Advance Markets' Partnership
The Association of Bermuda Insurers and Reinsurers and the Association of British Insurers have agreed to work together on several areas of mutual interest detailed in a memorandum of understanding. The associations said the agreement will build on the working partnership that exists between the two markets. Read More