Insurers Poorly Prepared for the Increased Losses by Catastrophe & Flooding
Re/Insurers poorly prepared for the increased loss frequency and intensity wrought by flooding and climate change as this year’s North Atlantic hurricane season
Re/Insurers poorly prepared for the increased loss frequency and intensity wrought by flooding and climate change as this year’s North Atlantic hurricane season
AM Best has released the Market Segment Outlook: Global Reinsurance report on the outlook for global non-life reinsurance, maintaining a stable view
New reinsurance capital formation is limited, and investors remain concerned about the impact of climate change and inflation
The property catastrophe bond market supported new and repeat insurance, reinsurance and government sponsors
IAIS collected data on the global reinsurance market through annual Global Reinsurance Market Survey covered about 50 reinsurers based in nine jurisdictions
The April 1 reinsurance renewal season has seen a continuation of the discipline shown by reinsurers at January 1 but with a greater determination that pricing
Property reinsurance rates rose significantly at the renewals. The losses from Hurricane Ian last year were a contributory factor
Seismic shifts in the macroeconomic environment – combined with geopolitical uncertainty and heavy natural catastrophe losses – led to a severe tightening of capacity
The natural disasters demonstrate that economic factors, in the last two years augmented by inflation, are the main driver of elevated insured losses from natural catastrophes
Natural disasters resulted in global economic losses of USD 275 billion, of which USD 125 billion were covered by insurance, the fourth highest one-year total
Natural disasters resulted in global economic losses of USD 275 billion, of which USD 125 billion were covered by insurance
The US P&C insurance industry has experienced challenges in recent years due, in large part, to increases in the frequency and severity of natural catastrophes
The global economy is in a precarious position. The war in Ukraine has superseded COVID-19 as the dominant economic driver, even as China continues to grapple
ILS plays a key role in allowing catastrophe risk to be transferred from the commercial insurance market to investors, providing additional (re)insurance capacity
ILS and collateralized markets have seen little signs of new capital entering, but lower estimates helped to provide additional liquidity for retrocession
Floods affect more people across the globe than any other natural disaster. The deadly floods within year were a tragic reminder of the increasing threat
While there was sufficient capacity to meet the reinsurance needs of cedants at 1.1, it is also true that the amount of reinsurance capital being deployed was diminished in 2022
Climate change is taking an increasing toll. The natural disaster figures are dominated by events that are more intense or are occurring more frequently
Public announce of cyber risk transference by (re)insurers to capital markets through ILS issuances represent the potential for a reinsurance
The world saw another year of impactful natural catastrophe events that once again emphasized the need to better account for the growing risks that hazards bring
The most challenging January 1 renewal in a generation as the reinsurance market underwent a fundamental shift in pricing and risk appetite
Natural and man-made disasters resulted in global economic losses of $280 bn. Insurance covered $119 bn economic losses
According to Artemis, catastrophe bond and related insurance-linked securities (ILS) issuance fell when compared with the prior year quarter
The global reinsurance market has endured a complex and in many cases frustrating renewal process which has gone down to the wire, according to the 1st View January
Higher-risk focused insurance-linked securities (ILS) fund strategies appear to be averaging losses around the 17% mark after hurricane Ian