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ILS capacity in the form of retained earnings and new inflows is shaping up to meet growing demand for reinsurance and retro coverage. -
The broker studied the impact of 14 major cyber events in its attempt to dispel ILS manager fears of a ‘double whammy’ cyber event that would also impact financial markets.
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The supply-demand dynamics are all pointing in ILS markets’ favour, so long as hurricane season goes quietly.
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The ratings agency has said ILS firms could encounter “pent-up demand” from cedants during the January 2024 renewal.
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Hurricane Idalia is still live, but the storm’s track reassured market participants that it will be a relatively minor loss.
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If the assets of the cell form part of the Vesttoo estate, this may impact the priority of returning associated capital to cedants.
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Total reinsurance capital will climb to $560bn, ahead of last year but behind the 2021 peak of $570bn.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
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At least six aggregate bonds offering convective storm cover have been marked down by around an average of more than 20% on the secondary market.
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Risers and fallers emerge within peer group of larger ILS firms, with Twelve Capital and Pillar the fastest growing in H1.
