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A diverse loss year produced steeper wildfire and typhoon losses than initially estimated.
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Hopes for significant rate increases are building.
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The JLT index is below levels recorded in 2016 and around 30 percent below 2013 benchmarks.
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A key question is whether retro dislocation will spill over into reinsurance renewals.
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In the US, renewal results varied widely and wildfire losses were a subject of focus.
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Newer vehicles found it harder to get going as sidecar sponsors struggled to hit their fundraising targets in the January renewals.
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The final couple of months of 2018 brought further pain for sidecar investors.
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Annual cat bond issuance for 2018 has surpassed broker-dealer predictions for a strong post-loss year.
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January 2018 opened the year of the “great reload” for ILS managers.
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ILS funds with life strategies reported substantially higher transaction volumes in 2018, helping to drive growth in assets under management (AuM).
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The retro market is likely to tighten at this year’s renewals as investors pause and reconsider their strategies following another year of substantial losses.
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Insurers are seeking to claim roughly $10bn through subrogation lawsuits against Pacific Gas and Electric in relation to the 2017 wildfire losses.