From 1 December government buildings in seismically-active Indonesia will be insured by a consortium of 56 insurance companies for the first time.
The Insurance Commission (IC) is seeking to amend the insurance law, about six years since it was last revamped in 2013, to cater to developments like takaful and catastrophe insurance.
SCOR has announced the launch of a new three-year contingent capital facility which takes the form of a contingent equity line, providing the Group with EUR300m ($332m) coverage in case of extreme natural catastrophe or life events impacting mortality. The facility enables the Group to protect its solvency in case of catastrophe events and is consistent with the "Quantum Leap" strategic plan.
Reinsurance as a role-playing game? This may not be such a daft concept - and is not far removed from the process used by at least one global reinsurer.
From 1 January 2020, catastrophe insurance is set to become mandatory in Morocco as the relevant law enters into effect.
SGX (Singapore Exchange) has become the first Asian exchange to list the first catastrophe bonds issued for a sovereign entity in the region and the first to be issued for the Philippines.
As one of the most disaster-prone countries in the world, the Philippines often faces exorbitant Nat CAT losses. In view of this, the country will be provided with financial protection from the World Bank (International Bank for Reconstruction and Development or IBRD) in the form of catastrophe-linked bonds (CAT bonds).
A recent survey analysis by Deloitte says, "Insurers can no longer put off addressing the impact of climate change on their underwriting, pricing and investment decisions, as well as their bottom lines."
Aon Securities, the investment banking division of Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions, has launched Randolph Re - the firm's new private placement catastrophe bond platform.
The Hong Kong Special Administrative Region (SAR) and the Ministry of Commerce of China yesterday signed an amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Agreement on Trade in Services.