Catastrophe Risks
Swiss Re Report Examines Emerging Risks, Some Related to COVID-19
The COVID-19 pandemic has exposed new and changing risks, highlighted societies' lack of preparation for such a crisis, and made clear that broad risk awareness is essential for proper risk management, according to a new SONAR report from Swiss Re. Read More
COVID-19 Pandemic Could Complicate Hurricane Season for Insurers
In its annual hurricane season report, Fitch Ratings suggests that the COVID-19 pandemic's continuation into this year's hurricane season is likely to increase the challenge for insurers if a major storm occurs. Most 2020 hurricane season forecasts predict above-average activity this year. Read More
FERMA Seeks EU Financial Resilience Framework for Catastrophic Risks
The Federation of European Risk Management Associations (FERMA) has called on the European Commission to create a European Union business interruption resilience framework for catastrophic risks. FERMA called on the commission to address the "severe shortage" of business interruption insurance for disruptions that don't involve physical damage. Read More
NOAA Forecast Calls for Active North Atlantic Hurricane Season
The National Oceanic and Atmospheric Administration (NOAA) is predicting an above-normal Atlantic hurricane season this year with a range of 13 to 19 named storms of which 6 to 10 could become hurricanes, including 3 to 6 major hurricanes. The Atlantic hurricane season runs from June 1 through November 30. Read More
Life/Health CAT Bonds Likely Most Affected by COVID-19: A.M. Best
Life/health-related catastrophe (cat) bonds face the greatest risk of losses from the COVID-19 pandemic, compared with other insurance-linked securities (ILS), according to A.M. Best. Best suggests that the COVID-19 pandemic's overall impact on the ILS market-including most catastrophe bonds-should be limited. Read More