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Whatever their eventual impact on runaway loss inflation the fact reforms were enacted at all is a happy surprise for the industry. -
Pockets of the distressed Florida market are still expected to face a challenging renewal, but much of the remediation was carried out last year.
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Many carriers agreed on the growing attraction of primary markets but differed on reinsurance-expansion tactics.
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The February Deep Freeze has already pushed cedants to access reinsurance, adding fuel for rate rises later this year.
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Reinsurers are still hoping to achieve double-digit rate increases, but brokers and cedants suggest this is unlikely against the context of strong reinsurance supply.
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Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
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Overall growth in the quarter was modest but the market was faced with some major non-renewals.
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The EU’s SFDR is the first major regulatory attempt to codify ESG disclosure requirements, and other regions are expected to introduce similar rules in the future.
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Reinsurers still have concerns over rate adequacy as views of typhoon risk evolve.
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Environmental, social and governance concerns are of growing importance to the ILS industry, but work remains to be done on building a consensus about concrete goals.
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The loss is steering more towards a personal lines event, with loss notifications leading to more optimism amongst reinsurers.
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Amid an April renewal that resulted in a slower pace of typhoon rate increases, ILS deals covering Japan have held up above historic lows.
