Facebook and 27 partner companies plan to create a new global financial infrastructure based on a virtual token or “coin” named Libra to facilitate instant, cheap online payments across the world. The system might eventually support Libra-denominated transactions in lending, investment, or other financial areas. As discussed in previous posts, financial authorities in China, Europe, and the…
The Facebook-led Libra cryptocurrency project is seeking a payment system license under Swiss financial watchdog FINMA, it said on Wednesday, spelling out in more detail how it hopes to be regulated.
Facebook's plans for a digital currency and payments system have understandably been met with skepticism, bordering on outrage. Clearly, if a serial violator of the public trust can unilaterally insinuate itself into the global monetary system, something must be done to manage the rise of digital private monies.
Aon Reinsurance Solutions, the reinsurance broking focused arm of the global risk, retirement, brokerage and insurance advisor, has appointed Don Magee as Chairman of its UK business. Magee has been with the reinsurance brokerage for around 28 years, having first joined one of the Aon Reinsurance Solutions unit’s predecessor back in 1991. He first joined […]
Aon Reinsurance Solutions…
The rising insurance and reinsurance industry loss from 2018’s typhoon Jebi in Japan has caused what some are privately terming chaos in the industry-loss warranty (ILW) market, as two widely used but unofficial trigger data sources still show estimates at below $10 billion. Industry loss warranties (ILW’s) are relatively simple risk transfer structures that provide […]
Jebi…
The pace of rate hardening in the U.S. property insurance marketplace has accelerated and this firming trend is expected to continue, with the availability of capacity from the ILS market seen as one factor influencing it, according to AmWINS. As the overall property insurance rate hardening continues, there are noticeable changes in pricing, deductibles, coverage […]
Property rates to…
The North Yorkshire Pension Fund, a pension scheme for council and local government workers in the Yorkshire region of the United Kingdom, increased its allocation to insurance-linked securities (ILS) funds under the management of Leadenhall. Having originally won a mandate from the pension fund for an £80 million allocation in 2018, London-headquartered specialist insurance-linked securities […
The type of growth witnessed in mortgage insurance-linked securities (ILS) transactions in 2018 is most likely to be replaced with a more normalised growth rate, with ILS capacity expected to become an integral part of mortgage insurers’ programmes, according to Capsicum Re’s Stephen Mathews. Since the first two Bellemeade Re transactions from United Guaranty in […]
ILS to be integral to…
TransRe, the Alleghany owned reinsurance brand name for Transatlantic Holdings, has promoted long-time senior underwriting leader Andy Taylor to the role of Chief Underwriting Officer for its Europe, Middle East, Africa (EMEA) and Asia Pacific businesses. As Chief Underwriting Officer across TransRe’s London, Continental Europe, Middle East, Africa and Asia Pacific units, Taylor will lead…
Rates for renewals of California wildfire exposed reinsurance programs or coverage could see increases of as high as 30% to 70%, as both traditional and alternative markets smart after two heavy loss years, according to S&P Global Ratings. Insured losses across the 2017 and 2018 California wildfire seasons reached around $33 billion, the rating agency […]
California wildfire reinsurance…
Recent analysis on the return drivers of insurance-linked securities (ILS) shows that over a 15-year period, ILS funds have recorded a superior historical performance when compared with other asset classes. In a recent article, Alexander Braun and Martin Eling of the Institute of Insurance Economics, University of St. Gallen in Switzerland and Semir Ben Ammar, […]
ILS has “superior…
Insurance-linked securities (ILS) and catastrophe bond activity is expected to gradually accelerate in the Asia region, providing investor interest in the ILS asset class remains strong, according to Fitch Ratings. While insurance-linked securities (ILS) and collateralized forms of reinsurance in general are familiar concepts in North America and Europe, there has still been relatively limited…
The U.S. state of California is getting increasingly serious about the use of insurance or risk transfer to provide financing against climate risks and financing to support climate adaptation and resilience building. The state is already in the process of putting into place legislation that would allow it to purchase insurance, reinsurance, insurance-linked securities (ILS), […]
California…
Among all the reasons for inflows of alternative reinsurance capital into insurance-linked securities (ILS) slowing down over recent months, Fitch Ratings believes that climate change is a factor. The rating agency said today that the recent slowdown in ILS market inflows is expected to continue for a little longer, while the ILS market and investors […]
Climate change risk perception…
As hurricane Dorian continues to approach the Bahamas and Florida, still at Category 2 strength but with the forecast continuing to show a major hurricane landfall, share prices of listed insurance-linked securities (ILS) funds and reinsurance firms are being affected. Update, Aug 31st: Hurricane Dorian is now a Category 4 storm with 140 mph winds […]
Hurricane Dorian declines shown in…
Hurricane Dorian continues towards the Bahamas with a dangerous situation unfolding, with the Florida coastline still in the storms sights depending on the timing of its turn to the north. A major Category 5 storm as of the latest update, Dorian packs “devastating” hurricane speed winds, according to the NHC and the threat to the […]
Hurricane Dorian at Cat 5. To hit Bahamas,…
Hurricane Dorian continues towards the Bahamas with a dangerous situation unfolding, with the Florida coastline still in the storms sights depending on the timing of its turn to the north. A major Category 4 storm, Dorian packs “devastating” hurricane speed winds, according to the NHC and the threat to the northern Bahamas is significant. This […]
Hurricane Dorian now 150mph,…
Hurricane Dorian continues towards the Bahamas with a dangerous situation unfolding, with the Florida coastline still in the storms sights. A major Category 4 storm, Dorian packs “devastating” hurricane speed winds, according to the NHC. This page updated, Sat Aug 31st 07:00 UTC: Hurricane Dorian continues to track towards the Bahamas and Florida, with sustained […]
Hurricane…