Momentum continued in the catastrophe bond market, which saw around US$6 billion of new issues in the second quarter of 2021, outstripping all new cat bond capacity issued in 2019. Significant investment inflows have narrowed margins and encouraged new cat-bond cedants.
James Kent, Global CEO of Willis Re, said: “The global reinsurance market is moving towards an equilibrium. Reinsurers, backed by resilient investors delivering an increasing capital base, are robust and well positioned to provide the long-term support their clients expect and need. However, we are approaching the top of a cycle which we believe is unlikely to precede a precipitous and damaging decline in rates. Instead, the market is likely to retain its discipline in order to maintain the balance it has achieved over the past couple of years especially with the full picture of losses from COVID-19 and prior year liability lines still to emerge.”

Delta variant dangerous, continuing to evolve and mutate: WHO chief

Jul 3, 2021

“Public health and social measures like strong surveillance, strategic testing, early case detection, isolation and clinical care remain critical,” he said, adding that masking, physical distance, avoiding crowded places and keeping indoor areas well ventilated are the basis for the response.

A massive ransomware attack has hit more than 1,000 companies

Jul 3, 2021

The impact of the attack is only beginning to come to light. In Sweden, a majority of grocery chain Coop’s more than 800 stores couldn’t open on Saturday after the attack led to a malfunction of their cash registers, spokesperson Therese Knapp told Bloomberg News.

There are victims in 11 countries so far, according to research published by cybersecurity firm ESET.

The hackers were identified as the Russia-linked ransomware group REvil, which was accused last month of hacking giant meatpacker JBS SA.

Insurers’ response to COVID-19 pandemic has damaged their reputation, finds GlobalData

Jul 3, 2021

Ben Carey-Evans, Insurance Analyst at GlobalData, comments: “The pandemic has undoubtedly been an extremely difficult situation for insurers. Claims in some lines have soared and a lot of lines have become hard to insure. The biggest factor behind the industry’s reputational damage is likely to be the legal battles around business interruption claims throughout 2020.

« Older Entries

Next Entries »

Briefs