1/1 renewals - reflections of the past or the tipping point to a new normal?
In this IIL reinsurance lecture Nick Frankland provided insights on the trends witnessed by Aon Benfield during the dynamic January 1, 2018 reinsurance renewals period, and examined how the industry can address the global protection gap, which stood at 40 percent in 2017.
In his presentation, Nick noted that global natural disasters were estimated to have generated insured losses to the private sector and government-sponsored programs of USD128 billion in 2017 - the third highest total after 2011 and 2005. It was estimated that less than a third of these losses fell to the private reinsurance market, representing a very manageable burden relative to the record total global reinsurance capital base of around USD600 billion. It was against this backdrop of high losses and high capacity that the industry entered an interesting and dynamic January 1, 2018 reinsurance renewals period.
By the end of this lecture members would have gained an insight into:
- Review of 2017 significant losses and compare to previous years
- The relevance of the global protection gap
- How the market is evolving in 2018 and how does London adapt
Nick Frankland is Aon Benfield UK CEO. He has responsibility for Global ReSpecialty, ReSolurtions,UK & Ireland - including Specialty, Casualty, Life, Accident & Health, Credit and Political Risk, UK Facultative, and Programmes - and UK Client Services teams.
Jon Hancock, Performance Management Director, Lloyd's.
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