Catastrophe bonds remain one of the bright spots in the ILS market, said AM Best Managing Director Emmanuel Modu, referencing a new Best's Market Segment Report.
Despite the current lull, parts of Latin America are prone to hurricanes, earthquakes and other major disasters, said AM Best Director Eli Sanchez and Financial Analyst Ricardo Rodriguez Perez.
The industry remains well capitalized and is dominated by the large global players, but faces incremental competition from shifting business models, said Edward Kohlberg, director, AM Best.
Underwriting losses and poor investment returns dragged the large Asian reinsurers’ 2022 operating performance, said AM Best Senior Director, Head of Analytics, Christie Lee and Associate Director, Analytics, Chris Lim.
Optimism is being countered by an uncertain environment due to underwriting, economic, social and geopolitical factors, said Carlos Wong-Fupuy, senior director, AM Best.
