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The New Zealand pension investor said the range of outcomes for its ILS portfolio was “wide”. -
The cat bond market has a high level of exposure to Florida wind risk.
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With an industry loss of less than $30bn, the cat bond segment can “shrug it off”, but a $50bn-plus loss would have major impacts, speakers suggested.
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The market needs to improve on contract certainty to manage pricing cycles better, Rettino told Trading Risk New York 2022.
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Florida domestic insurers have around $2.5bn of on-risk cat bonds, with flood and other ILW based deals exposed to the storm.
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The state’s property carriers are closely watching the progress of Hurricane Ian.
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US investments in the ILS and cat bond market are highly concentrated with five companies accounting for 70% of industry investments.
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The ILS broking leader was speaking at the first in-person Munich Re ILS roundtable at the Monte Carlo Rendez-Vous since the pandemic.
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Performance is expected to recover in H2 due to rising rates, the broker-dealer forecast.
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The manager’s analysis concludes some funds manage risk more efficiently than others.
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Cat bonds have built-in protections against the threat of inflation, Schroders ILS chairman Dirk Lohmann has argued.
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The private deal was shelved due to investor questions over aspects of the deal, and the wider macro environment.
