Swiss Re

Interest in parametric coverages has increased among insurance buyers as a response to coverage gaps exposed by unanticipated losses and tightening traditional market capacity.

Reinsurers, corporations and states must redouble efforts towards net-zero emissions, the carrier says.

Reinsurers still have concerns over rate adequacy as views of typhoon risk evolve.

The reinsurer finds secondary perils accounted for over 70% of natural catastrophe claims.

The reinsurer accelerates its retreat as part of a new set of targets to achieve net-zero emissions by 2050.

Tighter cat bond spreads will prevail until issuance catches up with investor demand, the firm forecast.

Significant moves over the past month included the appointment of Chris Parry as global head of RenaissanceRe Capital Partners and the departure of Axis head of risk funding Ben Rubin, as well as an ILS launch at ERS and a new bond team moving to Credit Suisse ILS.

The reinsurer adds $300mn to the unit’s pandemic reserving in Q4 and slashes premium volumes by 11% at the renewals.

The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.

He has taken on a role as senior property underwriter after a stint as portfolio manager at Axa’s ILS unit.

The executive will be replaced by Peter Elliott on an interim basis.

Affirmative cyber risks could be the next systemic risk the ILS market takes on, the executive suggests.