ILWs

Their view that “investors have never had it so good” speaks of a market in an upbeat mood as of January.

Just over a month ago, Floir reported claims relating to Hurricane Ian worth $10.3bn.

The update to the October figure implies the ultimate number will comfortably breach the $50bn mark.

The exit highlights increasingly difficult conditions in the retro and reinsurance markets.

Inigo earlier trimmed the bond’s scope of perils to exclude Japan typhoon and quake.

The cover is triggered by PCS territory-weighted industry loss and attaches at $12.5bn.

The increased yield reflects the harder post-Ian market.

The Lloyd’s insurer is seeking $100mn from its latest issuance, which features a narrower scope of coverage, as carriers prepare for a harder reinsurance renewal.

For larger top-end ILW triggers, cedants may have to be pragmatic on rolling over capital.

Lower-attaching Florida ILWs had been more in demand at this year’s mid-year renewals.

The cat bond market has a high level of exposure to Florida wind risk.

Amid a wide range of industry loss estimates, it is clear that ILS trapped capital will be a major issue for 2023 with back-of-the-envelope calculations suggesting at least double-digit billions held.