Swiss Re
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EMEA cat rates have failed to reprice while US and Japan markets have been more reactive, the firm noted. -
Underwriting margins need to improve by as much as 7-12 percentage points to compensate for lower interest rates, the carrier states.
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LGT ILS Partners, Swiss Re and Pool Re's Baltic Re cat bond were among the winners of the Trading Risk awards 2020.
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The top 10 carriers continue to write the lion’s share of global premiums.
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If Hurricane Katrina were to hit the US in 2020 privately insured losses could reach $65bn, up from $41bn 15 years ago.
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Maturities and payouts for 2017 and 2018 events outweighed a flurry of new deals.
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Losses from severe convective storms in the US were the highest since the first half of 2011.
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Possible Covid-19 losses may be slowing capital inflows to the ILS sector, CFO John Dacey has said.
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The CEO also casts doubt on the future of event cancellation cover.
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Nat-cat experience was slightly adverse but Covid-19 losses were the main driver.
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The group-wide impact came to $2.5bn including the firm's life and insurance businesses.
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The growth follows the reinsurer expanding its relationship with PGGM.
