Bermuda regulators are looking to firm up wordings in the island’s ILS regulations to clarify how liabilities apply during the transition at annual renewals, and whether vehicles can offer collateral clawbacks.
Third-quarter catastrophe losses resulted in a 1.8 percent to 5.2 percent hit to the shareholder equity of global reinsurers, with major catastrophe writers all impacted.
The new IFRS 17 accounting standard, which will be mandatory from January 2021, could lead to ILS opportunities in the life sector from as early as the middle of next year, sources said.
