Welcome to Artemis’ fourth ILS executive roundtable in Bermuda, in which our participants discussed a variety of opportunities and challenges that the reinsurance and insurance-linked securities (ILS) sector is dealing with as it responds to the losses of a second active year for global catastrophes.
Against a backdrop of continued loss creep and a lack of fresh capital in the market, the roundtable’s initial conversations focused on pricing conditions and the potential for rate increases.
Participants also looked at how investors were responding to the prolonged period of losses across reinsurance, and highlighted some areas where there was renewed interest and new asset managers looking to enter into the sector.
They also pointed to a need for more transparency and consistency in the modelling process as a way to increase investor confidence, and debated the pros and cons of implementing standardised valuation practices.
Bermuda’s position in the market was also a point of discussion, as speakers analysed the BMA’s new regulatory ‘sandbox’ project, and compared it with the schemes developed by some of the other leading ILS jurisdictions.
There was some consensus that Bermuda’s status as an established ILS market, as well as its innovative regulatory efforts, would continue to prove more valuable to the industry in the long-term than some of the riskier incentives offered by competing jurisdictions.
The conversation came to a close as participants considered some potential opportunities for the market to expand its remit in future. These included a focus on new areas of original risk, such as cyber reinsurance, as well as the possibility of off-cycle contract renewals.
Thank you to our Roundtable partners: Appleby, Estera and Property Claim Services (PCS).
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