Menu
iPMI Magazine Is Proudly Sponsored By:
For a healthier journey.

iPMI Magazine Has Moved

iPMI Magazine successfully rebranded to iPMI Global in 2023 and has moved to a new home on the internet. To visit the brand new international private medical insurance business intelligence platform, please go to www.ipmiglobal.com

Global Catastrophe Losses In October Expected To Top USD10BN

Aon Benfield's catastrophe model development team, today launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during October 2015. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).

The report reveals that the expected USD2.0 billion minimum economic cost of the South Carolina & eastern U.S. floods will place the event as one of the top 10 costliest non-tropical cyclone flood events in the country since 1980. Public and private insurers have already reported more than USD400 million in payouts.

Meanwhile, Hurricane Patricia became the strongest tropical cyclone ever recorded in the Western Hemisphere when its maximum sustained wind speeds reached 200 mph (325 kph) and made landfall in Mexico. Preliminary economic damage was estimated at USD300 million but, given low insurance penetration in the hardest-hit areas, insured losses were expected to be negligible.

This cyclone contributed to a record 22 global tropical cyclones in the Northern Hemisphere that have reached Category 4 or 5 intensity in 2015, breaking the previous record of 18 set in 2004. Most of these storms in 2015 have been in the Pacific Ocean, which is to be expected given the very warm sea surface temperatures that have been enhanced by El Nino's intensity.

Steve Bowen, Impact Forecasting associate director and meteorologist, said, "October ended as one of the most active, and costly, months of 2015 for natural disasters. Many of the major weather events – such as record-breaking tropical cyclone activity in the Pacific Ocean, the historic South Carolina floods, and deepening global droughts – were clearly impacted by the current El Nino's growing fingerprint on global weather patterns. Given the increasing intensity of El Nino, it is expected that these impacts will become even more defined around the world as we enter the boreal late autumn and winter months."

Elsewhere in October:

  • A major magnitude-7.5 earthquake struck northern Afghanistan on October 26, shaking a large swath of the country as well as portions of Tajikistan, Pakistan and India with at least 403 people confirmed dead
  • Typhoon Mujigae became the costliest tropical cyclone of 2015 after making separate landfalls in China and the Philippines
  • Super Typhoon Koppu made landfall in the Philippines as a strong category 4 typhoon, killing at least 58 people and injuring 83 others
  • Major Hurricane Joaquin lashed the Bahamas before tracking past Bermuda
  • Severe thunderstorms in the French Riviera impacted areas from Monaco to Frejus, prompting massive flash flooding
  • Drought conditions worsened in Papua New Guinea as El Niño impacts intensified globally
Read more...

UnipolSai And Willis Confirm Completion Of Industry-First Catastrophe Bond, Azzurro Re

UnipolSai Assicurazioni S.p.A. together with Willis Capital Markets & Advisory have confirmed the completion of the re/insurance industry’s first indemnity-trigger catastrophe bond primarily for Italian earthquake risk, Azzurro Re I Limited (“Azzurro Re”).

Sponsored by UnipolSai, Azzurro Re was structured and placed by WCMA in collaboration with Willis Group’s reinsurance division, Willis Re. It provides UnipolSai, one of the largest buyers of Italian earthquake cover, with €200 million of fully collateralized protection against earthquake risk and ensuing perils in Italy and neighbouring countries for three-and-a half years. The structure features an indemnity trigger on a per occurrence basis and mirrors the traditional reinsurance terms to ensure integration within the overall property catastrophe reinsurance program of UnipolSai.

Azzurro Re is the first catastrophe bond for UnipolSai. It also marks the first catastrophe bond exposed to European risk issued in 2015. 

Investors welcomed the transaction. More than twenty supported the transaction, which was oversubscribed and upsized from the initial €150 million. The notes pay an annual risk spread of 2.15%, a record low for a first time European primary insurance catastrophe bond sponsor of first event indemnity-trigger principal-at-risk notes. 

Commenting on the deal, Carlo Cimbri, CEO of UnipolSai, said “Azzurro Re is an important transaction for UnipolSai and supports our long-term development strategy across the international markets as well as in Italy. We are also proud to have sponsored Azzurro Re as an industry-first transaction for the catastrophe bond market."

Marco Sordoni, Head of Reinsurance of UnipolSai, said “UnipolSai is establishing relationships with investors as part of our long-term strategy to access the spectrum of global capital markets should our future reinsurance capacity needs increase. With the current low penetration rate of earthquake insurance in Italy and wider international markets, we have proactively sponsored this transaction in anticipation of our potential growth in exposure.

“We value the reduction in post-event counterparty risk from the fully collateralized cover and we continue to work on other innovative risk transfer solutions as we to look to develop our international capabilities.”

Tony Melia, CEO of Willis Re International, said “Azzurro Re demonstrates UnipolSai’s leadership in the international reinsurance market as well as Willis’s leadership position in structuring complex and advanced risk transfer solution for our international clients. We are delighted to have supported UnipolSai in its effort to engage successfully with insurance-linked securities investors as part of their long-term development strategy. 

“Azzurro Re is a clear demonstration of the continued trend for diversified reinsurance buying, with buyers restructuring their reinsurance programs to better integrate ILS capacity, ultimately to improve performance and efficiency gains for the benefit of policyholders as well as shareholders. We look forward to delivering future results alongside WCMA across new risks and territories.”

William Dubinsky, Managing Director and Head of ILS, WCMA, said “This transaction demonstrates the continued investor appetite for catastrophe risk and highlights the strong interest for investment in diversifying perils. Alongside Willis Re we look forward to continue broadening the scope of products available to investors and also look forward to bringing the buyers of reinsurance more choice to diversify their sources of reinsurance capacity.”

Read more...

You Are Global

You Are Global Overseas Health Insurance

 

You Are Global is a leading international health, expat, life and travel insurance broker and intermediary, based in Brazil. You Are Global works with leading private medical insurance providers and companies like IMG, Cigna, HCC, Now Health International and Allianz Worldwide Care. You Are Global caters specifically for expatriates, travelers and tourists, working, living and visiting Brazil. You Are Global has specific expertise working with Spanish speaking cultures around the world whilst also proving international health, medical, travel, expat and life insurance plan to the out bound travel market in Brazil.

Read more...

You Are Global

You Are Global Overseas Health Insurance

You Are Global is a leading international health, expat, life and travel insurance broker and intermediary, based in Brazil. You Are Global works with leading private medical insurance providers and companies like IMG, Cigna, HCC, Now Health International and Allianz Worldwide Care. You Are Global caters specifically for expatriates, travelers and tourists, working, living and visiting Brazil. You Are Global has specific expertise working with Spanish speaking cultures around the world whilst also proving international health, medical, travel, expat and life insurance plan to the out bound travel market in Brazil.

How can we help?

If you are an international citizen and need a medical coverage which knows no boundaries, you are in the right place. We understand the world has evolved and business and study programs are not limited to the place we live. And this also happens to international travel opportunities: nowadays, travel abroad is easy due to globalization. In the other hand, we know that having a comprehensive, continuous and worldwide medical coverage is mandatory to an international citizen. Therefore, from now on you can access all solutions ValenteRocha provides throughout “You are global – SeguroSaúdeemViagens” program.

You can have a global support, with online assistance, quoting and contracting your international medical coverage with adjustable options as you have never seen. Now you have access to the most comprehensive medical coverage plan available in the American Health Insurance Style. *You are Global – Seguro Saúde em Viagem”isValenteRochaproperty for international medical coverage plans.

Safe On-line Shopping

The whole process of your international medical coverage shopping can be on-line, throughout the internet. In this channel, you can have the quotation you need, revise the offered coverages, fulfill your personal data and send, directly to the enterprise, your international medical coverage request. We know that, due to the nature of our solutions, some personal information is confidential. Then, the entire information submitting process is confidential and all personal information is sent directly to underwriting department which is under a severe clause of confidentiality regarding our clients` information. All this provides you peace of mind. All the shopping system is secured by a safe site and digital certificate, which ensures the online shopping. In other words, we are ready for you to have what is the top of the best medical coverage available, aligned with an customer service and underwriting processes with are modern, safe and dynamic.

Company: You Are Global

Address: R.Lima Barreto, 442, Curitba, Brazil

Phone: +55 41 3527 2680

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Web: www.youareglobal.com

 

Read more...
Subscribe to this RSS feed

Expatriate Health Insurance

Compare Expatriate Health and Medical Insurance Plans, Coverage, Quotes and Companies, with iPMI Magazine. iPMIM represents leading providers of expat medical, health and travel insurance plans. Find the right and most appropriate Expatriate Health Insurance for overseas travel, global mobility and relocation