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CyberCube forecast further capital market capacity will hit the cyber insurance market next year. -
1 January renewals are running late across the board as reinsurers hold out for improved terms, but the retro segment is the most challenged for capacity.
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The carrier is looking to raise annual aggregate protection from the new ILS deal.
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The retro renewals are barely underway, as a challenging fundraising environment and queries over loss experience has delayed the typical pace of progress.
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The insurer said its plan was to fully transition the book to the fund.
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The CFO said today’s favourable nine-month numbers were due to a sustained effort to improve P&C underwriting discipline.
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Surpassing the $30bn threshold will trigger more occurrence covers, as another painful year looms for aggregate writers.
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The convergence of traditional reinsurance and ILS has seen reinsurers’ fee income rocket over the past three years.
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Retro rates were in some cases falling by mid-year, ahead of the recent losses.
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Hannover Re CEO Jean-Jacques Henchoz told Trading Risk there was a “question mark” about whether demand would carry over into next year.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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The former Peak Capital CEO has left the ILS platform he set up.
