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This could be another record year for insurance-linked securities issuance after a record setting 2014 for non-life catastrophe bonds, according to a new report from Willis Capital Market & Advisory.
“We would not be surprised to see $9 billion of issuance in 2015,” Willis Group Holdings P.L.C.'s Willis Capital Markets unit said Thursday in the report, “ILS Market Update: Reaching New Heights.”
“While it took seven years to break the last issuance record set in 2007, it may take only one year to break the record set in 2014,” the report said.
Willis Capital Markets said that “2015 is set to be a memorable year for the ILS market,” after 2014 broke records for both non-life catastrophe bond issuance of $8.0 billion and capacity outstanding at year-end of $22.9 billion.
The report also pointed to the growing use of indemnity triggers, used on 72% of bonds last year as opposed to just 30% in 2007.
“As investors become more sophisticated, any coverage gaps between reinsurance provided by traditional rated reinsurers and that provided by investors is shrinking,” WCMA CEO Tony Ursano said in a statement accompanying the report.
Lower reinsurance rates could ultimately prove to be good news for insurance buyers, according to a new report from Cliff Gallant, San Francisco-based analyst with Nomura Securities.