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Beyond pandemic exclusions, there has been a mixed response to changing ILS terms after the trapping issues.
Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
Reinsurers secured concessions on terms and hiked rates as most insurers managed to patch together cover to enter hurricane season.
Reinsurance underwriters and brokers anticipate a Japanese renewal largely unaffected by Covid-19 as negotiations continue to focus on payback for 2018 and 2019 typhoon losses.
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Investor Guide to ILS: H1 2022

I started writing about the cat reinsurance market in 2010 and for many years the stories my then editor recounted about covering hurricane season seemed like an old-time legend.
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