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The French reinsurer guides away from an equity raise as it predicts further rate hardening.
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After losing its A- status, GIC Re faces the potential for lost business and a hard road to recovery. -
Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.
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A trend of capacity withdrawals from the accident and health market preceding the Covid-19 outbreak has been compounded by a growing pushback on pricing and terms and conditions following the pandemic.
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Insurers’ ambitions cannot be sustained in a prolonged soft rating environment, the broker says.
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A spell of damaging losses has led to sustained positive rate movement in the sector.
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The number of risks bound on the platform rises 43 percent from the end of the first quarter.
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Unofficial industry watchdog AM Best has made some high-profile interventions over the last few months, culminating in its downgrade late last week of Indian State-owned reinsurance company GIC Re.
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But concerns remain over the aggregation of cruise liner risks as hurricane season looms.
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Wirecard collapse threatens huge loss; Apollo and Argo deals revealed; inside the AGCS turnaround.
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Rate increases should continue but may be increasingly fragmented by January 2021.
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Reduced exposures take the vertical limit on carrier’s cat programme down to A$6.5bn from A$7.2bn.
