BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
Dedicated reinsurance capital totaled $658 billion globally at the end of 2020, up 6.9% from 2019, according to a report Monday from Willis Re, the reinsurance business of Willis Towers Watson PLC.
The increase was due to added capital from both existing reinsurers and new entrants, Willis Re said.
Alternative capital slipped to $90 billion from $91 billion year over year.
Premium growth among those companies that provide the relevant disclosures was 9%, driven by the rising pricing environment. The combined ratio for this group deteriorated “materially” in 2020, from 100.6% to 104.1%, Willis data showed.
This was the second-highest combined ratio since 2014, with only 2017 higher at 107.4%.
While alternative capital slipped slightly year over year to $90 billion from $91 billion in 2019, it did bounce back a little from $88 billion as of the end of June 2020.
Likewise, the overall rise in capital came after a first-quarter decline and proved a surprise, Willis Re said.
“Such a solid finish to 2020 would hardly have been expected earlier in the year, as the COVID pandemic was gathering pace. By June 30 a steep Q1 decline had already lessened to a 3% reduction in global reinsurance capital.”
More insurance and risk management news on the coronavirus crisis here.
April 1 reinsurance renewals saw property rate increases largely in the single and low double digits as capacity remained mainly adequate, bolstered by insurance-linked securities, according to a report Thursday from Willis Re, the reinsurance unit of Willis Towers Watson PLC.