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The industry is sharpening its exposure forecasting capabilities in response to investor demand. -
Some reinsurers emerged as increasingly positive on the cat space, despite generally subdued risk appetites.
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No matter what the outcome, further market dislocation is on its way – but there are various band-aid options that could help Florida insurers limp through hurricane season.
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As ILS players such as Vesttoo seek to grow beyond cat risk, Trading Risk looks at some of the questions surrounding how casualty ILS deals will operate and the amount of risk transfer undertaken to date.
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The hardening rate environment in Florida provided a mid-year opportunity for some, but overall there was little growth.
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Inflationary pressure, increased demand and negotiations over attachment points are among the factors that reinsurers believe are ramping up pressure in the catastrophe space.
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Sources say investor capacity may be returning to the market, but hurricane season could “make or break” the market.
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Succeeding years of nat-cat losses have left aggregate and lower-layer capacity tighter.
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The segment’s lustre has been dulled by losses and capital trapping.
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Investors, fund managers and service providers are adapting in the face of potential large losses from secondary perils.
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Beyond pandemic exclusions, there has been a mixed response to changing ILS terms after the trapping issues.
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Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
