Aon’s latest Reinsurance Market Dynamics: June and July Reinsurance Renewals says that the current demand for catastrophe bonds is outpacing the ability of the industry to supply them.
According to the report, the current situation has arisen because insurers and reinsurers have turned increasingly to alternative capital markets to supplement traditional reinsurance and maximise placements in a challenging environment.
Joe Monaghan, global growth leader for reinsurance solutions at the firm, writes in the report: “Following several years of above-average catastrophe claims, reinsurers reduced their appetite for catastrophe exposure at the June and July renewals.
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