“Capacity is returning.”
That is the headline.
The underlying reality is different.
Insurance is no longer constrained by capital.
It is constrained by access and structure.
For large corporates, this shows up as:
• capacity that does not travel across jurisdictions
• structures that fail under stress
• counterparties that reprice or withdraw
• programmes that look robust until tested
The implication is direct:
Risk is not fully transferred.
It is partially retained, often unknowingly.
The captive is becoming the only controllable layer:
• known structure
• aligned capital
• reliable access
Everything else is increasingly conditional.
This is a structural break in how risk financing works.
Read the Full ‘The Business of Resilience” article here:
https://lnkd.in/ephWUukC