Best of Artemis, week ending April 28th 2024

Here are the ten most popular news articles, week ending April 28th 2024, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

Ten most read articles on Artemis.bm, week ending April 28th 2024:

US cat sees “material softening” in minimum rates-on-line: Gallagher Re
Catastrophe reinsurance pricing for programs in the United States is seeing “material softening” in minimum rates-on-line, broker Gallagher Re has said, as reinsurers “abandon” the need for top-layer pricing to exceed the risk-free rate.
Cat bond & related ILS market hits record size at over $47bn, up 5% so far this year
According to Artemis’ Deal Directory data, which tracks issuances of catastrophe bonds and related insurance-linked securities, the outstanding market has hit a record high of more than $47 billion in risk capital outstanding, having already risen by 5% since the end of last year.
Hurricane season could be impactful, with forecast for Bermuda High steering west
The Weather Company and Atmospheric G2 are forecasting that the 2024 Atlantic hurricane season could be among the most active ever, while they also warn of a strong Bermuda High that could set in and steer storms further west towards the United States and Caribbean.
Cat bond issuance hits $7bn in 2024, over 82% exposed to Atlantic hurricane risk
Issuance of property catastrophe bonds, bonds exposed to other lines such as health and related private cat bond deals tracked by Artemis in our Deal Directory has now reached $7 billion for 2024 so far, but of that total some 82% is exposed to Atlantic hurricane risks showing just how important the peril is.
Allstate’s aggregate cat losses near attachment of franchise deductible cat bond
Artemis can report that the annual aggregate catastrophe losses applicable to US primary insurer Allstate’s outstanding catastrophe bond that features a $1m franchise deductible are now just slightly below the attachment point for the notes, suggesting the maturity will likely extend to allow for any loss development.
Gulf flooding to activate excess-of-loss reinsurance, drive prices higher: Moody’s
The recent April 2024 severe storms that caused heavy flooding impacts across the United Arab Emirates, Oman, Saudi Arabia and other Gulf Cooperation Council (GCC) countries are expected to activate excess-of-loss reinsurance recoveries for primary insurers, which Moody’s Ratings says will drive prices higher.
Rate increases slower for catastrophe exposed US property in Q1: Marsh
In what is perhaps a reflection of an insurance and reinsurance marketplace with more catastrophe risk capital available, broker Marsh has for the first time in a while cited a slowing level of rate increases for catastrophe exposed commercial property accounts in the United States, with even some rate decreases reported.
Swiss Re cat bond index Q1 return hits 4.57%, runs slightly behind prior year
The total-return of the outstanding catastrophe bond market for the first-quarter of 2024 has reached 4.57%, according to data from the Swiss Re Cat Bond Performance Indices, which shows that cat bond market performance is running slightly behind the prior year.
Multilateral development banks to boost disaster & climate risk insurance
Leaders of 10 multilateral development banks (MDB’s) announced steps to collaborate more effectively to increase the impact and scale of their work, in order to tackle urgent development challenges, including addressing the growing need for disaster risk insurance and in climate risk financing.
Jamaica pleased with second World Bank cat bond, Hong Kong support: Minister of Finance
The Caribbean island nation of Jamaica is “pleased” to have secured coverage from its second World Bank supported catastrophe bond, Finance Minister Dr. Nigel Clarke has said, also citing his countries gratitude for financial support from Hong Kong, presumably through its ILS Grant Scheme.

This is not every article published on Artemis during the last week, just the most popular among our readers over the last seven days. There were 32 new articles published in the last week.

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