ENTRE 2018 – presented the report called “El Reaseguro en España” (Reinsurance in Spain)

in Meeting

At the  ENTRE 2018, José Ramón Jócano, Nacional Re’s senior adviser, highlighted that the downward incident rate of natural catastrophes was broken in 2017 with Hurricanes Harvey, Irma and Maria and with the good results of the previous years. However, this did not end the “soft market” situation, so margins narrowed and reinsurance delivered losses. He stated that the Spanish reinsurance market “confirmed the historical change of being a cedant market to having a certain balance between reinsurance imports and exports.” Therefore, accepted reinsurance in 2017 amounted to 6.742 billion euros in premiums (+0.9%), while ceded and retroceded reinsurance to 7.207 billion euros (+2.2%), corresponding mainly to non-life. Around 50% of ceded reinsurance remained in Spain. He also stated that there was a certain decrease in underwriting earnings in ceded reinsurance, although they remained positive in most of the business lines. He stated that the outlook for reinsurance was that it would face an exceptional catastrophic load, a reduction in margins for the non-catastrophic risks and the threat of low financial returns