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In 2022, the NFIP placed reinsurance with 28 private companies - including 13 Lloyd’s syndicates. -
The cat bond specialist addressed potential losses on Florida wind-exposed bonds.
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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 insurer-of-last-resort does not expect the hurricane to attach its reinsurance at this stage.
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The state’s property carriers are closely watching the progress of Hurricane Ian.
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Following Typhoon Odette in 2021, the Philippines received a $52.5mn payout, leaving $97.5mn for future storms.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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With investor fundraising prospects challenged due to macro factors, there are questions over how much US demand growth the ILS market can absorb.
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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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How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.
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