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Damaging wildfires in recent years have made it more challenging for homeowners to find affordable insurance.
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Willis Towers Watson has tipped that greater focus will be drawn to ILS domiciles and structures in 2020 amid an “unusual amount of innovation” from existing and emerging jurisdictions. -
Hong Kong announced its intention to enter the ILS space last year, indicating it would allow SPVs to be set up in the territory.
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The Limited Purpose Insurer framework was set up earlier this year.
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The Independent Insurance Agents & Brokers of America expressed concern about the lack of a longer term solution for keeping the programme afloat.
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If passed, the legislation will extend the National Flood Insurance Program through to 20 December.
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Insurers had flagged a spike in claims from the legal change that came into effect on 1 July.
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The legislation still needs to be passed by the Senate in order to be enacted.
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The deal announced in May takes the reinsurer’s ILS assets to $2.1bn.
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The proposed clarifications include detail on what type of collateral roll-over techniques may be used and simplification to filing requirements.
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Lloyd’s CEO John Neal said that cutting back the number of “lead” underwriters in the market would be key to paring overall operating costs.
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A “hiccup” in the storm’s structure means it is now tracking more slowly towards Florida, according to the NHC.
