Business interruption

Hiscox reported an 11.2 percent year-on-year uplift in gross premiums written by its Hiscox Re and ILS division in the first half, as ILS assets under management reached $1.35bn.

Economic losses from a major cyber outage could be as large as damages caused by major hurricanes, according to a research report published by Lloyd's today.

The possibility of reinsurers jointly tapping into the ILS market was discussed at the inaugural International Forum for Terrorism Risk (Re)insurance Pools (IFTRIP) conference in Paris yesterday.

A second phase of the World Bank's Pandemic Emergency Financing Facility (PEF) should give premium reductions to countries that have invested in preparations to face a pandemic and also target the private sector, according to a new study

Insured losses from Tropical Cyclone Debbie have now hit A$660mn ($495mn), the Insurance Council of Australia (ICA) said in a statement today.

A reinsurance trading platform that is targeting up to a $1bn launch in 2018 begun its first simulation this month, with a group of 30-40 individuals from various ILS funds and reinsurance participants lined up to test the technology.

AIR Worldwide has said insured losses from the earthquake that struck New Zealand's South Island on 14 November could fall between NZ$1.15bn ($762mn) up to NZ$5.3bn ($3.5bn).

Swiss Re-backed Microinsurance Catastrophe Risk Organization (Micro) has launched a parametric catastrophe insurance policy in Guatemala designed for small businesses and farmers.

Hiscox Re reported a 27 percent jump in gross written premium (GWP) for the first three quarters of this year to reach $649.2mn, with its ILS business being a key driver of growth, Hiscox announced.

RMS has estimated US insured losses from Hurricane Matthew will fall between $1.5bn and $5bn, making it the costliest Atlantic hurricane for the (re)insurance industry since Sandy in 2012, but a far more modest hit than had initially been feared.

Insurers are preparing to pay out under business interruption (BI) policies in place to cover repairs to a production vessel owned by Tullow Oil, the company confirmed.

Cat bond upsizing climbed to new heights for the past year in the third quarter as the $925mn in final quarterly volume of public 144a ILS transactions came in at almost three times the $350mn originally targeted.