Rates

Some reinsurers are saying their views of Florida risk have changed post-Irma.

The changes in insurer appetite to participate in the Florida Hurricane Catastrophe Fund and new guidelines from ratings agency Demotech could create opportunities for the ILS market.

The impact of Hurricane Irma loss creep is coming to the fore ahead of the June renewals.

Willis Towers Watson put the increase at 4 percent whereas the CIAB reported a 2.9 percent uptick.

In a note to investors Matt Carletti ranked catastrophe aggregate programmes as being set to see the largest price rises.

The insurer pinpoints that aggregate transactions and structures exposed to perils with less robust catastrophe models will be most affected.

The insurance premium on the EUR45mn ($51.5mn) Italian multi-peril Atmos notes settled 12.5 percent above initial median targets.

The JLT index is below levels recorded in 2016 and around 30 percent below 2013 benchmarks.

A key question is whether retro dislocation will spill over into reinsurance renewals.

In the US, renewal results varied widely and wildfire losses were a subject of focus.

Spreads on the health insurance cat bond have dropped, but still above the record low level on the 2018 deal, according to sources.

The broker said deployable ILS capacity could become more broadly constrained, but equally there were signs capital could increase.