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Reinsurers are still hoping to achieve double-digit rate increases, but brokers and cedants suggest this is unlikely against the context of strong reinsurance supply.
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Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
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Overall growth in the quarter was modest but the market was faced with some major non-renewals.
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The EU’s SFDR is the first major regulatory attempt to codify ESG disclosure requirements, and other regions are expected to introduce similar rules in the future.
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Reinsurers still have concerns over rate adequacy as views of typhoon risk evolve.
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Environmental, social and governance concerns are of growing importance to the ILS industry, but work remains to be done on building a consensus about concrete goals.
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The loss is steering more towards a personal lines event, with loss notifications leading to more optimism amongst reinsurers.
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Amid an April renewal that resulted in a slower pace of typhoon rate increases, ILS deals covering Japan have held up above historic lows.
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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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One primary vehicle delivered a significant loss but many others are likely to have had their best year since 2016.
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As Floridian insurers gear up for their mid-year reinsurance renewals, multiple issues are set to make it another challenging year for both sides.
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Trading data showed the market delivered on liquidity in the midst of the pandemic panic.
