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Axis set up a new casualty sidecar in the quarter. -
Verisk said the majority of the insured losses can be attributed to wind damage.
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Commercial insurance pricing remained flat, increasing by 3% globally over the period, the same as the prior quarter.
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More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
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The firm entered new aggregate excess of loss reinsurance contracts in 2023 that have multiple layers of coverage.
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Pricing guidance is currently at 6.75%-7.50% for the Class A notes.
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A market-wide loss of $700mn would amount to around 15% of the total amount of life ILS assets under management .
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The October 2022 event brought heavy rainfall, mainly affecting Victoria.
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As of year-end 2022, the fund’s largest ILS allocation was in a RenRe fund.
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The CCRIF has paid out $265mn since its inception in 2007.
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Sources have raised concerns that cedant demand could outpace available capacity for cyber cat bonds.
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Lloyd’s CFO Burkhard Keese, speaking at Guy Carpenter’s Baden-Baden Symposium, said there are $500mn-$1bn of London Bridge deals in the pipeline.
