Securing access to capital a key differentiator for 2024: Howden
While almost every market observer and industry analyst are expecting reinsurance capital levels to increase in 2024, broker Howden has highlighted that actually securing access to capital will be a key differentiator for market participants, as not everyone is expected to be successful. Over the last few years, capital raising for reinsurance start-ups has been […]
China’s regulator looking to green and cat bonds to deepen cooperation between Mainland and Hong Kong
The NFRA is aiming to boost cross-border initiatives between the Mainland, Hong Kong and Macau. FULL ORIGINAL PUBLICATION HERE
Insured catastrophe losses reach $118bn in 2023, with 69% protection gap: Aon
Global catastrophe losses falling to sources of insurance and reinsurance capital reached $118 billion in 2023, according to the latest estimate to emerge from broker Aon. Aon’s insurance industry loss estimate for 2023 catastrophes compares to a slightly higher $123 billion estimate from Gallagher Re. In December, Swiss Re had estimated overall insured natural catastrophe losses at […]
Global natural disasters cost insurers $95bn in 2023: Munich Re
Over the course of last year, global natural disasters and severe weather are estimated to have caused the insurance and reinsurance industry losses of US $95 billion, Munich Re estimates, while the economic cost of the same disasters is put at $250 billion by the reinsurer. At $95 billion, global insured disaster losses are close […]
Beazley ‘delighted’ to sponsor first 144A cat bond via the Lloyd’s London Bridge platform
The world’s oldest insurance and reinsurance marketplace, Lloyd’s, has confirmed the issuance of the first 144A catastrophe bond transaction via London Bridge 2 PCC Limited, the Beazley sponsored $100 million transaction. The deal, which is listed in the Artemis Deal Directory, is the first 144A property catastrophe bond sponsored by London-based specialty insurer and reinsurer Beazley. […]
Hannover Re whole account retro renews risk-adjusted flat, with Liberty lead
Artemis has learned that Hannover Re’s key whole account catastrophe excess-of-loss retrocession renewal was completed with pricing flat on a risk-adjusted basis, as higher exposure levels for large retro towers were met with comparably higher rates, resulting in roughly flat outcomes at January 1st. We’re told that Liberty Mutual was the lead market for the […]
Alternative capital surpasses $100bn in 2023, cat bond market hits all-time high: Aon
Aon’s Reinsurance Market Dynamics report reveals that 2023 witnessed an unprecedented surge in the utilisation of alternative capital, marking the sector’s best performance in over two decades. The report underscores the increasing reliance on alternative capital, with a notable milestone of crossing the $100 billion threshold for the first time, signaling a 7% increase from […]
International (non-US) insured catastrophe losses reached $16.7bn in 2023
The CRESTA organisation, that tracks international insurance industry losses outside the United States, has estimated the full-year 2023 loss at US $16.7 billion, which it notes is slightly below the annual average. This figure only included insured catastrophe loss events from a threshold of US $1 billion and Cresta highlights that there are other events […]
Alternative capital hits record $103bn, delivers best performance ever: Aon
Alternative reinsurance capital, largely deployed in insurance-linked securities (ILS) formats, saw strong growth in the third-quarter of 2023 to end that period at a record high of $103 billion, while for the full-year ILS structures have delivered the best performance in their 20+ year history, broker Aon has said. The last data from the insurance […]
ILS capital outpaced AM Best / Guy Carpenter forecast to hit $100bn in 2023
Earlier this year, rating agency AM Best and reinsurance broker Guy Carpenter had projected that third-party capital in reinsurance, so alternative capital or insurance-linked securities (ILS) market capacity, would end 2023 at $99 billion, but the market has actually outpaced this forecast. Now, Guy Carpenter has reported that the latest estimate from it and AM […]