Reinsurance is in a particularly interesting state at the moment.
Industry capital has recovered as capital markets have bounced back after decisive actions from central banks around the world and incumbents and a few start-ups have raised or plan to raise new capital.
But at the same time the industry has shown stronger underwriting discipline as it seeks to correct a poor run of results and tries to get ahead of likely unsatisfactory back year development in casualty classes.
Retro is expensive as the ILS market retrenches and traditional buyers are looking to alternative capital solutions.
Differentiation is everywhere as sellers identify their best clients for support and reduce involvement with lesser performers.
At the same time uncertainty is at an all-time high and this means demand for reinsurance from cedants is very healthy.
Throw Covid-19 into this and you have an outlook full of very big, very difficult to answer and highly correlated questions.
Here to answer them armed with Willis Re’s 1st View mid-year renewals report is James Vickers Chair of Willis Re International.
Links to Willis Re’s latest report and Covid-19 assessment are below – I heartily recommend that you read them.
LINKS
Willis Re's latest 1st View reinsurance market report:
https://www.willistowerswatson.com/en-GB/Insights/2020/07/prudence-during-unforeseen-times
Willis Re's latest view on Covid-19:
https://www.willistowerswatson.com/en-GB/Insights/2020/07/covid-19-and-re-insurers-financial-health
And our supporter Claims Direct Access (CDA)'s website:
https://www.claimsdirectaccess.com/
Ep.7 Disrupting Aviation with Phil Smaje and Marcel Chad of Piiq Risk Partners
Ep.6 The Capsicum-Gallagher deal with Rupert Swallow and Simon Matson
Ep 5. John Drzik of MMC at the WEF Global Risks Report 2020 launch
Ep.4 The hard E&S market with Rick Lindsey of Prime Insurance
Ep.3 The 1.1 renewals with David Flandro of Hyperion X
Ep. 2 The 1.1 renewals with James Vickers Chair of Willis Re International
The Voice of Insurance Ep.1 Mythbusting Lloyd's Lead-Follow with Sheila Cameron, CEO of the LMA
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