Moses Ojeisekhoba, head of reinsurance, Swiss Re
Swiss Re believes it can insulate itself from downwards pressure on rates in the reinsurance market by offering clients value-added services such as data, technology and expertise, head of reinsurance Moses Ojeisekhoba, told Intelligent Insurer.
“The dynamics in the marketplace are based on the fact that capital remains fairly cheap. Despite the losses last year people were able to raise capital, so more capital entered the market,” Ojeisekhoba said.
Insured losses for global natural catastrophe events were estimated at $136.06 billion in 2017 by Swiss Re Institute’s sigma report, a 186 percent increase from $47.56 billion insured losses in 2016.
But rates only increased moderately during renewals following the catastrophe events and were concentrated mainly in affected lines and regions. A continued glut of capacity dampened rate increases in the June 1, 2018, renewals for Florida property-cat business, JLT Re noted in a June report.
Swiss Re, Moses Ojeisekhoba, Reinsurance, Losses, Capital, ROE, Europe