The insurance-linked securities market accounts for approximately $35 billion in alternative reinsurance capacity and comprises structures including catastrophe bonds, collateralized reinsurance, sidecars and industry loss warranties, according to a new study from Conning.
The ILS market continues to evolve, with new product structures and increased flexibility for issuers. And, the investor base continues to expand as the asset class becomes more widely accepted as a low-correlating, attractive alternative investment. These changes are having an impact on reinsurers, according to the study, “Insurance-Linked Securities: As Alternative Risk Transfer Goes Mainstream, the Reinsurer Business Model is Changing.”
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