Exceeding even the most aggressive forecasts from Friday, Iota became the strongest and most rapidly intensifying hurricane of the 2020 Atlantic hurricane season. Deepening an incredible 61 mb in 24 hours, Iota was declared a category-5 hurricane with maximum sustained winds of 160 mph as of 10AM EST, Monday November 16. Northeastern Nicaragua and eastern Honduras will endure ... Continue Reading »
Latin America
Hurricane Nana Makes Landfall in Belize
Hurricane Nana intensified to a minimal category-1 hurricane in the western Caribbean Sea late Wednesday, hours before making landfall on the coast of Belize between the cities of Dangriga and Placencia, 50 miles south of Belize City. After landfall, Nana has moved inland across Belize with the primary threat of heavy rainfall in mountainous areas of Belize, Honduras and ... Continue Reading »
Bankability through the Lens of Transparency
The decade following the Global Financial Crisis (GFC) was a volatile one for Latin America. After several prosperous years of riding the global commodities boom, the Latin American region experienced a serious economic slowdown. The region was deeply affected by the decline in international trade, the end of the commodity super-cycle, and unstable global financial conditions. ... Continue Reading »
Mw 6.7 Earthquake – Near Coquimbo, Chile
A magnitude (Mw) 6.7 earthquake was reported near Coquimbo, Chile around 01:32 UTC January 20, according to the U.S. Geological Survey (USGS). The epicenter was located at a depth of 53 km (33 miles) and about 15 km (9 miles) SSW of Coquimbo, Chile, between the regions of Atacama and O’Higgins. Media reports to date indicate variable damage to property and infrastructure, ... Continue Reading »
Global Insurance Prices Rise for Third Consecutive Quarter
Dean M. Klisura President, Global Placement and Specialties, Marsh Contact Global commercial insurance prices rose, on average, in the second quarter of 2018, marking a third consecutive quarter of increases, according to the most recent Marsh Global Insurance Market Index. The increase in the index was driven largely by pricing for property and financial and professional ... Continue Reading »
Public-Private Partnerships Address Cat Risk Across the Globe
Here we review recent GC Capital Ideas posts concerning the emergence of public-private partnerships addressing catastrophe risk across the globe. ... Continue Reading »
Public-Private Insurance Partnerships Bolster Latin American/Caribbean Resilience: Part V: Microinsurance Helping Close Insurance Gap
Aidan Pope, Managing Director Contact Not to be outdone, the private sector has demonstrated its commitment to bringing insurance solutions to emerging economies through the industry consortium and venture incubator Blue Marble Microinsurance. Blue Marble’s founding consortium has committed to launching ten microinsurance ventures in the next ten years to deliver risk ... Continue Reading »
Public-Private Insurance Partnerships Bolster Latin American/Caribbean Resilience: Part IV
Aidan Pope, Managing Director Contact Mexico’s risk management strategy has earned a strong reputation in the international community. The World Bank said it is “at the vanguard of initiatives aimed at the development of an integrated disaster risk management framework, including the effective use of risk financing and insurance mechanisms to manage the fiscal risk derived ... Continue Reading »
Public-Private Insurance Partnerships Bolster Latin American/Caribbean Resilience: Part III: A Lesson in Resilience from Mexico
Aidan Pope, Managing Director Contact The Mexican federal government’s risk management strategy exemplifies a modern, resilient disaster preparedness plan, including pre- and post-event approaches and public-private partnerships. Following the 1985 Mexico City earthquake, the Mexican National Civil Protection System (SINAPROC) was created, establishing a multi-level system to ... Continue Reading »
Public-Private Insurance Partnerships Bolster Latin American/Caribbean Resilience: Part II
Aidan Pope, Managing Director Contact Many recent catastrophe events in the Latin America/Caribbean region provide examples of the protection gap: Only 5 percent of the USD 8 billion economic loss from Haiti’s 2010 earthquake was insured; and the insured portion of the USD 2 to 3 billion economic loss caused by the April 2016 earthquake in Manta, Ecuador, is expected to reach ... Continue Reading »
