Reinsurance News
volcano
Howden Re to provide comprehensive volcanic risk modelling for Spain with Mitiga extended partnership
31st March 2026
Global reinsurance broker Howden Re has extended its ongoing collaboration with Mitiga Solutions to enhance Spain’s national approach to assessing volcanic risk. The partnership applies Mitiga’s proprietary volcanic catastrophe models to the Canary Islands, providing a more sophisticated understanding of potential geological threats. The initiative is being developed within Howden Re and ... Read the full article
WTW partners with University of Geneva to assess global volcanic risks
27th March 2024
WTW, a global re/insurance broker, has recently partnered with the University of Geneva to assess global systemic risks arising from large volcanic eruptions. This collaboration aims to assist WTW and its clients in anticipating the potential impact of future large-scale eruptions on their operations and portfolios, enabling them to make more ... Read the full article
Seismic events in Grindavík, Iceland may cause damages of $71.4m
12th December 2023
Following seismic activity and a magma dike opening crevasses in Grindavík, Iceland, Hulda Ragnheiður Árnadóttir, director of the Natural Catastrophe Insurance of Iceland, has said the damage to homes and infrastructure could amount to ISK 10 billion ($71.4 million). As per the Iceland Review (IR), the seismic events in Grindavík began ... Read the full article
TISE lists first humanitarian cat bond
29th November 2021
The International Stock Exchange (TISE) has listed the world's first humanitarian catastrophe bond, which covers pure volcanic eruption. The bond was issued by Dunant Re IC, an Incorporated Cell of Replexus ICC (Guernsey), and has been listed on TISE's Qualified Investor Bond Market (QIBM) and admission to its sustainable market segment, TISE ... Read the full article
Danish Red Cross launches first volcano cat bond
22nd March 2021
Partners from across the private and humanitarian have launched the world’s first catastrophe bond for volcano-related disasters on behalf of the Danish Red Cross. The cat bond covers 10 volcanoes across three continents, aiming to raise up to $3 million from investors for aid in the aftermath of an eruption. Initial investors ... Read the full article
DFID & Global Parametrics to support Red Cross volcano cat bond
5th July 2019
The UK Government’s Department for International Development (DFID) and Global Parametrics have agreed in principal to support the world’s first pure-volcano catastrophe bond, launched by the Danish Red Cross. Global Parametrics, a parametric and index-based risk transfer startup backed by the UK and German governments, advised the DFID’s Natural Disaster Fund ... Read the full article
Guy Carpenter proposes parametric solution for explosive volcanic eruptions
14th May 2019
Reinsurance broker Guy Carpenter has conceptualised and designed a parametric risk transfer solution that looks to mitigate losses to building structures as a result of large, ash fall-producing volcanic eruptions. In a recent article, Catastrophe Risk Analyst at Guy Carpenter, Delioma Oramas Dorta and Guillermo Franco, Managing Director & Global Head ... Read the full article
Slow moving lava flow losses means no available reinsurance: RLI President
20th July 2018
Specialty insurer and reinsurer, RLI Corporation, saw its second-quarter net underwriting income decline by $5.5 million as a result of volcano activity in Hawaii, while the slow moving nature of the exposure means there isn't any available catastrophe reinsurance, according to President and Chief Operating Officer (COO), Craig Kliethermes. Hawaii's Kīlauea volcano ... Read the full article
Swiss Re’s pioneering volcano model highlights multi-billion dollar exposure
23rd March 2017
A new, world first international volcano risk model has been launched by reinsurance giant Swiss Re, and reveals that some of the planet's largest cities have an economic exposure of up to $30 billion, underlining the need for effective insurance solutions. More than 1 billion people around the world live within ... Read the full article
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