Reinsurance News
weather risk management
Philippines spearheads region-wide ASEAN disaster risk database
21st May 2018
The Philippines has begun sharing disaster risk information with its private sector in an effort to encourage fellow member states in the Association of Southeast Asian Nations (ASEAN) to build a region-wide database on disaster risk management and climate control. By establishing a shared database, the Philippines hopes to mitigate the ... Read the full article
Re/insurers failing to adjust to climate change, reports University of Waterloo
16th May 2018
The re/insurance industry is putting homeowners at risk by not sufficiently considering risks associated with a changing climate in their underwriting practices, according to a new study by the University of Waterloo. The University’s research, which looked at data from 178 re/insurers, concluded that most companies regard risk to property from ... Read the full article
Beazley and Weather Decision collaborate to automate claims payment
2nd May 2018
Beazley, a specialist re/insurer and provider of weather-related coverage for event organisers, has partnered with Weather Decision Technologies (WDT) to automate the payment of claims under its Beazley Weather Guard policy. The collaboration will allow Beazley to offer a digitised, personalisable policy that automatically pays policyholders based on the occurrence of ... Read the full article
Reinsurance blindspot in Florida as roof remodels double, reports BuildFax
27th April 2018
BuildFax, a provider of property condition and history insights, has found that there has been a 110.6% increase in residential roof remodels in Florida over the last 10 years, which has not been considered in recent reinsurance negotiations and catastrophe risk models. The findings were based on in-depth analysis of more ... Read the full article
Spanish farmers renew Meteo Protect weather cover following 2017 heatwaves
26th April 2018
Meteo Protect is to provide parametric weather re/insurance for the second year running to 22,000 olive farmers in Spain following record-breaking temperatures during the summer of 2017. The Agricultural Association of Young Farmers (Asaja), which is the largest professional agricultural association in Spain, will provide the insurance, which protects olive fields ... Read the full article
Nephila looks to expand weather risk business with Nephila Climate launch
30th January 2018
Nephila Holdings Ltd, the parent company of the world's largest insurance and reinsurance-linked fund manager, Nephila Capital Ltd, has expanded its weather and ESG-driven operations with the launch of Nephila Climate (NCx), a new specialty unit dedicated to weather risk transfer and climate resilience solutions. Nephila has announced that head of its ... Read the full article
Weather network & analytics provider Understory announces U.S. expansion plans
12th January 2018
Weather network and analytics provider Understory has announced plans to expand its national coverage to over 90% of U.S. weather catastrophes, growing its network from 500 to 5,000 sensors a ten fold increase by the end of 2019. “The insurance industry has never been able to access such geospatially-specific data on storm-related ... Read the full article
Wind hedges could protect European wind energy from growing market risks
5th December 2017
By 2030 just 6% of European wind energy capacity will be protected against market risks by government support schemes compared to 75% today, raising new opportunities to transfer the growing financial risk from wind volatility, according to a Swiss Re study. Wind hedges, in the form of a derivative or insurance ... Read the full article
weatherXchange adds Australian broker RSI to global platform
24th October 2017
Index-based weather risk protection platform, weatherXchange, has added Australian weather risk broker, Risk Solutions International (RSI), to its network of weather risk management services. RSI will be listed as a Regional Specialist for Australia covering energy, utilities, mining, transport, agriculture and construction. "We are excited to add Risk Solutions International as a Broker-Advisor ... Read the full article
CelsiusPro & Aon Benfield extend partnership for weather risk solutions
11th October 2017
Swiss Insurtech firm CelsiusPro and Aon Benfield have renewed their partnership of data analysis and solution design for climate related risks. CelsiusPro specialises in offering parametric insurance solutions and weather derivatives to mitigate the risks of adverse weather and natural disasters, and since 2013 has provided Aon Benfield with risk analysis ... Read the full article
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