Rates
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The CEOs of Aon Reinsurance Solutions, Willis Re and TigerRisk predict limited rate gains, but up to $10bn of incoming capital.
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The debate over how far Covid losses will escalate is not the only key to January renewal dynamics. -
ILS outperformed major financial benchmarks in terms of returns, Aon said.
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Covid-19 losses and other catastrophe events have exhausted the catastrophe budgets of many companies, the ratings agency said.
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Underwriting margins need to improve by as much as 7-12 percentage points to compensate for lower interest rates, the carrier states.
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As new PE inflows arrive in the sector, it remains to be seen how this will be matched on the ILS side.
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Coronavirus is just one factor driving rate increases, (re)insurers said.
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The outgoing CUO emphasises large pro-rata book and interest rate impact.
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The utility spent 13% more to secure its insurance but cut back third-party cover to $870mn.
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The French reinsurer guides away from an equity raise as it predicts further rate hardening.
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A hardening market could encourage diversification away from property catastrophe, the ratings agency says.
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Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.
