Issues
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Social inflation is not just a Florida issue – it's also top of mind in the casualty market.
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People moves in the ILS marketplace
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Rates jumped in aerospace after recent costly losses.
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The (re)insurance and ILS industry has headed into a new decade in a spirit of change – as can be seen across multiple lines of business.
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Quota share and aggregate-property cat contracts are under watch as a result of the recent Australian bushfires but occurrence covers will probably remain mostly unscathed, sources expect.
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New issuances fell to the lowest level since 2011, amid an uptick in risk levels and US exposures, according to Trading Risk data.
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Reinsurers pegged 2019 nat cat losses 23 percent lower than the 10-year average, but prior-year disasters created headlines.
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Cat bond fund returns rebounded in 2019, with widely divergent experience among ILS funds investing in private instruments.
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The reinsurance fund manager is targeting expansion outside the catastrophe space with private funds.
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Intermediaries called the renewal “asymmetric” and “divergent” as rates began to move up after a pressured few years.
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Amid an uncertain year for the life insurance segment, mortality and value-in-force transactions remained the mainstay of life ILS managers as fundraising tapered off after a 2018 growth spurt.
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Lead insurers on Aon’s flagship $300mn broking facility have renewed their participation with a reduction in fees, according to sister publication The Insurance Insider.
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Swiss Re ceded an additional $900mn of risk to the alternative reinsurance market in 2019.
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RenaissanceRe CEO Kevin O’Donnell estimated the market took $12bn of losses and brought in $20bn of new capital in 2017.
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The main disrupted segments are still aggregate retro and sidecar vehicles, where negotiations over the level of trapped capital have held up the renewal process.
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Sources are expecting some $5bn-trigger second-event covers to pay out as a result of the Typhoon.
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Issuance has picked up in the third quarter of the year with a number of large sponsors including Everest Re and Axa XL entering the market in the fourth quarter.
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The 2010s are about to end and over the past decade the ILS market has gone through an adolescent growth spurt – heading into 2020 as a far bigger and more complex entity than it was.
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People moves in the ILS market December 2019.
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Willis Towers Watson has tipped that greater focus will be drawn to ILS domiciles and structures in 2020 amid an “unusual amount of innovation” from existing and emerging jurisdictions.
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Brit has confirmed further details of the structure of its new Lloyd’s specialty fund, which will take a whole account slice of risk from its Syndicate 2988, using a corporate member investment structure.
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Most people describing the ILS manager world might break the peer group into three broad categories: reinsurer-affiliated platforms, independent owner-operated firms and asset manager-backed vehicles. Does the market need another category?
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