County Weighted Industry Loss

For industry loss warranty (ILW) markets opportunities are plentiful heading into 2023, but it’s up to the industry to take advantage of it as more concepts are expected to continue to gain traction, according to Tom Johansmeyer, Head of PCS, Verisk Insurance Solutions.

In the wake of hurricane Ian, the industry loss warranty (ILW) market faces its share of losses, which, alongside broader issues impacting reinsurance and retrocession capital availability, means ILW rates-on-line are now heading for all time highs, according to our sources.

We’ve developed an industry-loss warranty (ILW) pricing data set from information we’ve gathered over the years, as well as recent input from our market sources that helped validate this new Artemis data service.

The market for retrocessional reinsurance lacks competition and this has been a factor in rapidly rising prices for that type of protection, broking group Gallagher Re has suggested.

As the retrocessional reinsurance marketplace remains capacity constricted, especially for lower down and catastrophe exposed attachments, the market has seen a resurgence in demand for weighted industry-loss warranty (ILW) products, according to Gallagher Re.

Highlighting the truly exceptional level of severe weather and natural catastrophe activity in 2020 so far, Property Claim Services (PCS) has already designated a record number of PCS Catastrophe events, with just over two months of the year left to run.

Property Claim Services (PCS) has designated recent hurricane Delta’s impacts on the Yucatan region as the first catastrophe event under its recently launched PCS Mexico industry loss data aggregation and index reporting services.

Property Claim Services (PCS) will now provide industry loss data aggregation and index reporting for the entire Americas, from Canada to Argentina, with the launch of a Latin America service in response to client demand.

The Japanese industry-loss warranty (ILW) market is recovering and set for growth, helped by the availability of PCS’ product in the region which is seeing increasing uptake.

Property Claim Services (PCS) has expanded its activities around the world with the introduction of new regions where its industry loss data aggregation and index reporting services are available and the market is responding, with new transactions being placed using PCS data as a trigger source.