According to a new study paper by catastrophe modelling specialist Reask and specialist insurance-linked securities investment manager LGT ILS Partners, a climate-conditioned Industry Loss Warranty (ILW) strategy can materially outperform traditional static modeling approaches.The firms conducted a systematic back-test of a climate-conditioned strategy across a portfolio of 36 regional ILWs, spanning a 40-year period from 1985 to 2024. “Catastrophe models used across insurance, reinsurance, and capital markets are built around long-term stationary climatologies. They treat historical averages as a reliable guide to current and future risk,” Ian Bolliger, Principal Quantitative Engineer at Reask explained. He added: “For ILS portfolio managers,…
Author: Awais
The accident happened in Pittsburgh on Nov. 16. Joseph Masterson, a lawyer who was just days from retiring at age 63, suffered cardiac arrest while driving, plowed into a guardrail, and lost consciousness. Other drivers stopped, broke the car window, and pulled him to safety. A passing volunteer firefighter performed CPR until an ambulance arrived to take Masterson to UPMC Mercy hospital. He spent 18 days in the medical intensive care unit there, 14 of them on a ventilator. He developed delirium, a common ICU condition, and needed antipsychotic drugs. Despite a feeding tube, he lost weight. “We honestly weren’t…
The animal rights group PETA’s lawsuit over the health of French bulldogs and some other popular dog breeds has been dismissed, with a judge saying a New York law was misapplied to the case. The suit, filed last year, marked a new front in the PETA’s long-running campaign against dog breeders. The case accused the American Kennel Club of promulgating unhealthy “standards,” or ideals, for Frenchies — the nation’s most prevalent dog breed, by the club’s count — as well as bulldogs, Chinese shar-peis, dachshunds and pugs. The AKC, the nation’s oldest purebred dog registry, rejected the claims and said…
Insurance Advisory Partners, the investment bank focused exclusively on the insurance, insurance services and the insurtech industry, appointed veteran investment banker Lou Caltavuturo as a partner in the U.S. Based in New York, he will focus on broker/insurance distribution mergers and acquisitions (M&A) and capital raising and report to co-founder and CEO Tony Ursano. During his decades-long career, Caltavuturo has completed hundreds of M&A, capital raising and lending transactions for insurance industry clients nationwide. He joins from Sica Fletcher, where he served as managing director. Prior to that, he was president of Vantage Insurance Partners, a private equity-backed insurance brokerage…
Corporate foundations’ philanthropic commitments were called into question this past year as tariff-driven uncertainty, rising costs and tax law changes prompted many companies to reconsider their charitable strategies. Nonprofits received a reassuring answer this week, however, from the century-old, Boston-based Liberty Mutual Insurance. The major insurer’s nonprofit Liberty Mutual Foundation announced Wednesday the establishment of a $600 million endowment, a long-term source of funding that leaders promise will bring lasting resources and more responsive grantmaking. “We all know that we live in really challenging times. And that is very true for our nonprofit partners as well,” Melanie Foley, the chair…
Abbott Laboratories said it faces a jury award of at least $53 million over claims by four mothers that the company hid risks its premature-infant formula can cause a bowel disease which creates serious health issues for frail babies. Jurors in state court in Chicago on Thursday found Abbott knew premature babies could develop necrotizing enterocolitis, or NEC, by ingesting the company’s cow-milk-based formula, but continued to market the product to hospital intensive-care units. After awarding the mothers compensation for their losses, the jury will convene Friday to determine whether to impose punitive damages on Abbott. “We respectfully but strongly…
The Strait of Hormuz remained shut on Friday and Israel traded fire with Hezbollah in Lebanon, which the United States and Iran each described as violations of their ceasefire deal on the eve of their first peace talks of the war. The two-day-old ceasefire has halted the campaign of U.S. and Israeli air strikes on Iran. But it has so far done nothing to end the blockade of the strait, which has caused the biggest-ever disruption to global energy supplies, or to calm a parallel war waged by Israel against Iran’s Hezbollah allies in Lebanon. Iran was doing a “very…
The Hawaii State Senate adopted Senate Resolution No. 111, as amended (S.D. 1), on April 6, 2026. The resolution was sponsored by Sen. Jarrett Keohokalole, Sen. Stanley Chang, Sen. Brandon Elefante, Sen. Angus McKelvey, Sen. Karl Rhoads, Sen. Joy San Buenaventura, and Sen. Glenn Wakai, all Democrats. It urges the Insurance Division of the Department of Commerce and Consumer Affairs and the Department of the Attorney General to convene a working group to identify feasible options and mechanisms to protect the state and its residents against the effects of climate change on insurance availability and affordability.
It all comes down to a missing safety system and a non-trucking use clause
Zurich Austria has launched a branch in Poland, marking Zurich Insurance Group’s entry into the Polish corporate insurance market. The local team combines knowledge of the Polish market with the global competitive strength of the Zurich Insurance Group, Zurich said. Zurich works closely with Polish insurance brokers and will act as an insurer, co-insurer, and reinsurer. Target groups include both local and multinational corporate clients, Zurich said. Rafal Tokarz will head the Polish branch, bringing with him extensive industry experience and underwriting expertise, working over 30 years with brokers, serving corporate clients and multinational companies at various insurers in the…
Dubai International Financial Centre (DIFC) said on Thursday it was introducing a package of temporary relief measures to support its business and retail community “as the region emerges from the current environment.” The measures, effective immediately, include flexible payment plans for commercial and retail tenants, installment options for license renewal fees, and grace periods on certain administrative payments related to lease contracts, company registration, data protection filings and employee pension enrolment, a DIFC statement said. “We stand alongside our clients, partners and employees with a clear commitment to provide support and reassurance when it is needed most,” DIFC Authority Chief…
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Imposing a toll on ships sailing through the critical Strait of Hormuz would “set a dangerous precedent” and countries should not impede freedom of navigation, the UN’s shipping agency said on Thursday. Iranian officials have raised the idea of charging a toll for using the Strait after a two-week ceasefire between the United States and Tehran was agreed this week. “There is no international agreement where tolls can be introduced for transiting international straits. Any such toll will set a dangerous precedent,” a spokesperson with the UN’s International Maritime Organization said. IMO countries adopted the UN Convention on the Law…
A local prosecutor is investigating a video posted on social media that appears to show a person setting fire to the California warehouse full of Kimberly-Clark Corp. toilet paper that was destroyed earlier this week. “We are aware of the video, and it’s being investigated as the case is currently under review,” the San Bernardino County District Attorney’s Office said Thursday in a statement. Bloomberg News couldn’t verify the authenticity of the video, which was posted on social media platforms such as Reddit and Instagram. In the video, an unidentified man said “all you had to do was pay us…