New Zealand earthquake triggers cold-spot ILWs
Around half of the estimated $100mn "cold spot" industry loss warranty (ILW) market has triggered as the latest loss estimates for the New Zealand earthquake top $3bn.
Munich Re NatCatService industry estimates put the loss from the quake at about $3.4bn ($NZ4.5bn), while Swiss Re's recent Sigma report put the event at a $2.7bn insured cost.
Around $50mn of the $100mn outstanding off-peak ILWs trigger on Munich Re's estimates and half on Swiss Re's Sigma equivalent, according to sources.
ILWs...
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