Catastrophe Risks
CAT Bond, ILS Issuance Sets First-Quarter Record
The catastrophe bond and insurance-linked securities (ILS) market saw record first-quarter issuance of more than $5 billion, according to data compiled by Artemis. The first-quarter issuance was up 82 percent from the same period in 2019 and was 19 percent higher than the previous first-quarter record set in 2018. Read More
Coalition Urges Support of COVID-19 Business Recovery Fund
The Reinsurance Association of America along with a coalition including other insurance industry trade groups and business organizations sent a letter to federal government leaders urging them to support the COVID-19 Business and Employee Continuity and Recovery Fund, a solution to support businesses and employees hurt by the COVID-19 pandemic. Read More
Ample Capital Should Help North American P&C Sector Weather COVID-19
Impact stress tests reflect that ample capital buffers at North American property-casualty insurers and reinsurers should make any fallout from COVID-19 manageable for those companies, according to S&P Global Ratings. Financial market turmoil and the ensuing recession pose a greater pitfall than underwriting exposure to COVID-19 pandemic risk. Read More
Captive Insurers Are Filling COVID-19 Business Interruption Gaps
Many healthcare facilities addressing the COVID-19 pandemic are suffering significant daily loss of revenue. Their property insurance policies frequently contain limitations on business interruption coverage. Property policies written for healthcare institutions frequently contain broad limitations on business interruption coverage caused by the cascading effect of dealing with the coronavirus. Read More
As Business Losses Mount, Pandemic Backstop Discussions Grow
Many businesses have been ordered shut to try to contain the outbreak, while shelter-in-place orders and social distancing are dramatically reducing business for those that are open. Coverage issues around business interruption losses related to COVID-19 have prompted discussions of creating a federal pandemic backstop. Read More