Aon
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While still too early to assess the damage fully, Aon believes the impact on property, infrastructure and agriculture will be significant. -
Total issuance of $4.86bn was transacted in the primary market.
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Initial loss estimates from convective storms and flash flooding place the economic impact in the hundreds of millions, although Aon warned losses may rise further.
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The first six months of the year also saw more billion-dollar loss events than average.
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Last year’s inaugural Randolph Re issuance was sized at $50.7mn.
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The property reinsurance market may be fast approaching a true ‘hard’ market, the broker said.
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It is understood that he will work on large global client accounts and staff mentoring.
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Storms from 16-23 June added to a “very active” quarter for the peril.
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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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The intermediary’s reinsurance solutions business has appointed Joanna Parsons as it looks to expand its capital advisory unit.
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Global reinsurance capital grew by 3.8% last year, according to Aon’s analysis of 22 reinsurers.
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The broker put ILS capital at $96bn by year end, $1bn lower than mid-2021 but ahead of its $94bn year-end 2020 estimate.
