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The magnitude 7.8 earthquake which struck Ecuador on 16 April will produce total insured losses of between $325mn and $850mn, AIR Worldwide said yesterday (21 April).
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Aon Securities said that investor demand for cat bonds remains high after a record first-quarter issuance.
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Greater volumes of aggregate cat bonds in the first quarter highlighted a shift towards more complex cover and reflected investors' desire for diversification and variety, Munich Re said in its quarterly ILS report
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The first three months of 2016 set a new record for Q1 cat bond issuance volumes, but it is too early to say whether this will translate to a record-breaking year, according to Willis Capital Markets & Advisory (WCMA).
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The Insurance Development Forum (IDF), a partnership involving representatives of the UN, the World Bank Group and the insurance industry, held their first meeting in Washington DC last week.
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USAA is seeking to raise $150mn from a new Residential Re aggregate cat bond, which will broaden its cover closer to the "all natural perils" reinsurance standard, Trading Risk understands.
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TigerRisk has appointed former Swiss Re Capital Markets ILS structurer Philipp Kusche as partner and global head of insurance-linked securities and capital solutions.
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Manufacturers including Toyota, Honda, Mitsubishi and Sony have closed factories in the Kumamoto prefecture after a 7.0 magnitude earthquake struck in the early hours of Saturday morning (16 April) local time.
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The Japan Meteorological Agency (JMA) has recorded a magnitude 7.1 strength earthquake in Kumamoto in the early hours of 16 April local time.
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The 6.2 magnitude earthquake that struck the southern Japanese island of Kyushu on Thursday night (April 14) local time has killed nine people and injured 860, according to officials.
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The 2016 Atlantic basin hurricane season will see near-average activity, according to Colorado State University (CSU) scientists Philip Klotzbach and William Gray.
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Xchanging said it hoped secondary "trades" of reinsurance contracts would become an integral facility of its X-gRm platform after TigerRisk announced it had completed the first such transaction today.
