Risk losses

The failure of a Jamaica bond to pay out following Hurricane Beryl damage has brought focus onto the deals.

The transaction complements its previous acquisition of RMS in 2021.

Urban expansion, climate change and inflation are key drivers of losses.

The US tallies $97bn in economic losses from major perils each year.

In 2021, SiriusPoint acquired a “significant ownership stake” in the firm, which meant the specialty insurer and reinsurer providing multi-year capacity and paper to the ILS house.

The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.

Reinsurers and brokers alike have warned of a rocky 1 January renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty.

Paul Shedden joins from Sompo International, where he was head of portfolio design, pricing and analytics – global insurance.

Insured nat cat losses amounted to $35bn globally in H1, while manmade events triggered an additional $3bn, according to Swiss Re Insititute.

The reinsurer revealed its Ukraine loss charge excludes aviation.

In his new role, the executive will work directly with Steve Tulenko, president of Moody’s Analytics.

Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.