Aon's Reinsurance Solutions business has published the April 2019 edition of its Reinsurance Market Outlook: Supply Weathering the Storm, which provides a comprehensive assessment of the key market dynamics of the recent renewals period. |
Metrics such as global reinsurer capital, alternative capital, and catastrophe losses offer insights on the potential direction of the global re/insurance industry and future renewals. The report finds that despite a reduction of 3 percent in total global reinsurance capital from year end 2017 to 2018, reinsurers continue to offer coverage and terms to insurers that show that reinsurance capital is weathering the storm of the prior few years’ catastrophe events. Reinsurers continue to provide accretive buying opportunities and necessary supply for insurers on the back of a nearly 30 percent capital increase since 2011 across traditional and non-traditional capital sources. While traditional capital declined at year end 2018, the Aon Reinsurance Aggregate group of reinsurers showed positive signs as well. Alternative capital remained strong for the year and is expected to regain momentum as losses are developed and finalized; collateralized reinsurance specifically continued to make up more than half the total capacity provided. Total catastrophe losses in 2017 and 2018 reached over USD240 billion, however 2019 is off to the slowest start to a year the industry has experienced since 2013 with first quarter total catastrophe losses 47 percent lower than the recent 15-year average and 26 percent below the median. Looking forward to June and July renewals, our expectation is that the industry will continue to find adequate supply in the aggregate. |
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