{"id":130850,"date":"2023-08-18T13:00:22","date_gmt":"2023-08-18T12:00:22","guid":{"rendered":"https:\/\/www.reinsurancene.ws\/?p=130850"},"modified":"2024-08-29T09:41:11","modified_gmt":"2024-08-29T08:41:11","slug":"capital-still-very-guarded-about-entering-property-cat-space-inver-res-bonard","status":"publish","type":"post","link":"https:\/\/www.reinsurancene.ws\/capital-still-very-guarded-about-entering-property-cat-space-inver-res-bonard\/","title":{"rendered":"Capital still very guarded about entering property cat space: Inver Re\u2019s Bonard"},"content":{"rendered":"

Although small capital raises are happening in the reinsurance market, providers remain guarded about putting funds to work in the property catastrophe space, suggesting there\u2019s more pain to come, according to Chris Bonard, CEO of Ardonagh\u2019s Bermuda business operations including Inver Re.<\/p>\n

\"chris-bonard-inver-re\"\u201cThe situation is getting worse, and could have a big impact on the market, potentially leaving thousands of property owners without viable cover options,\u201d Bonard told Reinsurance News when asked about the trend of re\/insurers cutting exposure to parts of the property catastrophe sector, in a recent interview.<\/p>\n

He explained that while everyone is heavily focused on the reinsurance buying of property cat, if you pay attention to the amount of third-party MGAs and how much capacity on property cat is held by them under binding authorities in the U.S. and London markets, it\u2019s a real issue.<\/p>\n

\u201cThis ultimately feeds into the reinsurance market, and when you see Farmers\u2019 latest move, for instance, it\u2019s not a surprise. It\u2019s likely we\u2019ll see a domino effect of similar caps and caution from others, too,\u201d said Bonard.<\/p>\n

In early July, Farmers Insurance became the latest in a growing number of primary insurers to cap new homeowners\u2019 policies in California, citing severe weather events, inflation, and mounting reconstruction costs.<\/p>

\"Artemis<\/a><\/div><\/div>\n

U.S. primary insurance giant State Farm also announced plans to cease underwriting commercial and residential property in the state, which followed a similar move by Allstate in 2022.<\/p>\n

Of course, the issue extends further than just California, with Florida also experiencing cutbacks from both primary insurers and traditional reinsurers, again driven by the elevated loss experience and inflationary impacts.<\/p>\n

Currently, reinsurance broker Inver Re is \u201cactively in capital raising mode,\u201d explained Bonard, but the reality is that, at the moment, \u201ccapital is very, very guarded about putting money to work on the balance sheet for property cat.\u201d<\/p>\n

\u201cThe real issue is they just haven\u2019t made any money. People look at the market and they all understand the rate index, they understand that portfolios are better \u2013 but a lot of them are just asking themselves, \u2018Why would I take that to my investment committee right now?\u2019,\u201d said Bonard.<\/p>\n

\u201cWe are seeing little raises, but if you look at the global capital index there\u2019s still less capital today than there was, and it is definitely not coming into property cat,\u201d he added.<\/p>\n

At some point, stressed Bonard, things will change, but market dynamics mean that you\u2019re going to see a very hard property market.<\/p>\n

\u201cWe see it on our insurance side. The team is very seasoned, and our insurance property brokers feel it is as hard now as it was 1993,\u201d said Bonard.<\/p>\n

What\u2019s more, Bonard doesn\u2019t see any signs of a white knight entering the market to alleviate the pressure.<\/p>\n

\u201cEven if you did see a couple of white knights ride to the rescue and decide to write the market for the next couple of years, it\u2019s not sustainable. And then when you look at the MGA space, I think there\u2019s definitely a lot more pain to come,\u201d he said.<\/p>\n

Adding: \u201cThere are so many variables currently at play. Whether it’s hyperinflation, war in Eastern Europe, or global warming. There’s a lot of things going on and the insurance industry has got to change and adapt how it looks at today\u2019s risks. As a result of that, I think we\u2019re seeing some quite interesting things.\u201d<\/p>\n

One example of this from the challenging and changing market environment, according to Bonard, is that it\u2019s fuelled greater interest in things like self-insurance and parametrics, the latter being an area in which Inver Re has expanded its expertise in recent times.<\/p>\n

\u201cWe\u2019ve made a big investment on parametrics. The interest we are seeing on that today is quite remarkable compared to the last decade. People are taking it seriously now, and I think it\u2019s a combination of a number of factors.<\/p>\n

\u201cPart of it is people just getting more used to basis risk exposure, which let’s be honest, they\u2019ve got more used to with ILWs and ILS. So, it’s been evolving over the last ten years or so. And the hard market means people get even more comfortable with basis point risk.<\/p>\n

\u201cPlus the products, providing risk\/return works for the carrier and the capital really works for the buyer, so they\u2019re more cost effective ways of addressing some problems,\u201d said Bonard.<\/p>\n

\u201cUltimately insurance has to evolve with the environment, and we\u2019re right at that point of change. As well as pain, there\u2019s also plenty of opportunity.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Although small capital raises are happening in the reinsurance market, providers remain guarded about putting funds to work in the property catastrophe space, suggesting there\u2019s more pain to come, according to Chris Bonard, CEO of Ardonagh\u2019s Bermuda business operations including Inver Re. \u201cThe situation is getting worse, and could have a big impact on the […]<\/p>\n","protected":false},"author":3,"featured_media":130844,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[231],"tags":[2587,4202,23],"class_list":["post-130850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interviews","tag-inver-re","tag-price-forbes-re","tag-broker"],"acf":[],"yoast_head":"\nCapital 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