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The momentum for rate increases has built up in a delayed reaction to losses.
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Typhoon Jebi creep continued to have an impact on performance, with multi-instrument ILS funds reporting an average loss of -0.78 percent for the quarter.
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Activity in the first half of the year was the lowest since 2011.
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Ten months on from Typhoon Jebi, there is still considerable uncertainty around why the storm’s insured losses are expected to be so much higher than the initial modelled figures.
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The ILS market has broadly welcomed moves by the Bermuda Monetary Authority (BMA) to create a new collateralised insurance vehicle, but opinions vary on whether the new rules will prove to be onerous.
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The industry’s market heavyweights remain split amongst different types of ownership models.
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M&A deals have resulted in reinsurer affiliated businesses overtaking the market share of independent ILS firms, but asset managers have also grown their share via new launches since 2014.
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With Nephila’s market share slightly shrinking, RenaissanceRe and Gen Re moved up the Florida leaderboard.
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The main point of concern has been over lawyers' ability to find new ways around the clampdown on the AOB regime that has led more claims to court.
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Carriers that wrote more premium include Swiss Re, Munich Re, RenaissanceRe and Everest Re, while Hiscox Re and Axis posted reductions in top line income.
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Convex will also seek to tackle the cost of expenses plaguing most carriers across the industry by outsourcing non-underwriting functions “horizontally” with a single partner.
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Returns from ILS funds tracked by Trading Risk fell to an average Q1 return of 0.63 percent to 0.65 percent in cat bond and multi-instrument funds.
