reinsurance

The U.S. Federal Emergency Management Agency (FEMA) has begun the process to renew the National Flood Insurance Program’s (NFIP) traditional reinsurance tower for 2024 this week.

Analysts at S&P Global Ratings explained in Monte Carlo this week that the reinsurance industry remains in a hard market, especially in property catastrophe lines of business, with the balance of power sitting with reinsurers and more demand for protection expected to come, providing new opportunities.

Global reinsurer Hannover Re said that it expects P&C reinsurance pricing to rise again, while terms and conditions are expected to improve further, at the upcoming January 2024 renewals.

Tanguy Touffut, the CEO & Co-founder of parametric insurance and risk transfer specialist Descartes Underwriting, expects strong growth for the parametric marketplace, while the role of insurance-linked securities (ILS) investors in backing parametric risk transfer structures is expected to increase as well.

MS Transverse Insurance Group, a fronting carrier subsidiary of MS&AD Insurance Group Holdings, has added insurance-linked securities (ILS) expertise to its team, in the hiring of former Elementum Advisors employee Chris Cebula as Senior Vice President, Reinsurance.

Speaking with Artemis in Monte Carlo this morning at the annual Rendez-Vous de Septembre event, Trevor Carvey, CEO of Conduit Re, explained that the reinsurer plans to continue its work in the catastrophe bond space.

Given the strong growth of the catastrophe bond market over the last year and the fact market conditions and investor preferences favour the structure, if these trends continue, Fitch Ratings Senior Director Brian Schneider said he expects cat bonds will become the largest segment of the alternative reinsurance capital market.

This year feels like a watershed moment for the cyber insurance-linked securities (ILS) market, with tangible advances in use of ILS capital to support cyber risk underwriting, while cyber models have reached a level of maturity that promises there is much more to come, Brittany Baker of CyberCube told Artemis.

The insurance-linked securities (ILS) market’s ability to rebound from recent historical losses, resume its growth trajectory and deliver what investors have been looking for, is a true testament to its resiliency and overall value proposition to all stakeholders, Aon has said.

Twelve Capital, the Zurich-headquartered insurance-linked securities (ILS), catastrophe bond and reinsurance investment manager, remains positive on the potential for the private ILS market to continue to recover from its recent historical challenges and intends to launch a new strategy to target the end of year renewal period, Marcel Grandi, Head of ILS Sourcing told Artemis.