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Aside from the one-year view, 2023 remixes the track record.
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The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.
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Of the 18 top-tier ILS managers, 10 recorded growth, while eight were flat or down.
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Typical ILW attachment points for US peak perils have fallen from $60bn to $40bn-$50bn as the market awaits the final Hurricane Ian number from PCS.
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The sidecars segment has been attracting inflows after returns hit a high note in 2023.
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Broker-dealers' year-ahead forecasts have undershot total final issuance in three of the last five years.
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Reinsurers are making some adjustments to secure target signings but appetite to grow is finely balanced.
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Projected 2024 ILS returns remain historically high, but signs of increased appetite for top-layer cat risk and top-end retro raise questions over how long this will last.
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New and returning sponsors, diversifying European wind risks and early placement of US hurricane coverage all helped new issuance to smash market expectations.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
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The year brought a degree of closure on the loss-hit years of 2017-2021, while the outlook remains changeable for ILS managers.
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ILS managers are still waiting for hard market growth.