Opinion

Recently one of my colleagues argued that it was time for a “bonfire of PMLs”, as the past five years have shown that the industry has seriously underpriced the kind of $10bn-$20bn loss events that have been happening since Harvey, Irma and Maria landed in 2017.

It is not so much the size of the hit, as the regularity of moderate cat events that is worrying risk-takers.

There is no such thing as an average loss year, but investors will still be looking for benchmarks.

It’s been a year of high turnover in general, but the ILS low-cost operating model can become a disadvantage in managing through such disruption.

Across a wide range of different ILS strategies, there are a number of managers that have failed to gain critical mass in the past 5 years.

CPI surged to 4.2% in April, levels not seen since before the Global Financial Crisis.

Initially, negotiations are likely to be led by risk takers but there could be a case to model a future role for service providers.

The Florida reinsurance renewals ran more smoothly, with lower overall rate increases than initially expected.

The latest generation of ILS-backed rated fronting platforms is looking more “ILS-y” due to their ownership structures.

Collaboration could address many of the issues vexing the ILS market and help to even out the pace of its recovery.

Syndicates and managing agents who want third-party capital support need to deliver on profit and transparency.

Could investors – and ILS managers – be ready for another attempt at developing the retail ILS market?

Cat bond market exuberance seems to be mismatched against overall ILS sentiment.

One swallow doesn't make a summer, but what do two retro "cashback" transactions portend for hurricane season?

Last year cat losses were highly dispersed across a large number of events with no single loss above $10bn.