再保険マーケット・アウトルック - aon.com

1 1 reinsurance market outlook 1 2017 2 5 5 6 8 9 9 Best 9 10 11 11 12 About aon benfield 12 aon benfield 1 Impact Forecasting 2017 3,200 1,280 2011 2005 3 40% 2005 2017 3 3 2.

2 000 800 2017 2005 2017 2017 900 2005 100 1 2 reinsurance market outlook 2017 2017 1.

3 280 2016 560 129% 2000 2016 510 151% 3 1 6,000 2017 1 aon benfield Analytics 2017 830 2005 1,100 800 2017 020406080100120140160 USD billion (2017)

4 DroughtEarthquakeEU windstormFloodingOtherSevere weatherTropical cycloneWildfireWinter weatherAon benfield 3 2017 230 2011 320 90% 1 3 10 100 2 aon benfield Analytics 2017 2 63% 800 80 38 6 5 31 3 8 14 24 2 6 7 32 3 7 10 0102030405060708090 United StatesAmericasEMEAAPACUSD billion (2017)

5 201710 Year Average10 Year Median2000-2016 Average4 reinsurance market outlook 3 aon benfield Analytics 2017 40% 47% 17 54% 2017 aon benfield Catastrophe Insight Impact Forecasting Weather, Climate and Catastrophe Insight 2017 2018 1 2017 0%10%20%30%40%50%60%70%80%90%100%Percent age of uninsured lossPercentage of insured lossAon benfield 5 2017 9 30 2016 1 6,000 2017 9 30 9 40 5,180 10 820 4 aon benfield Analytics / Aon Securities Inc.

6 17 22 19 22 24 28 44 50 64 72 81 82 368 388 321 378 447 428 461 490 511 493 514 518 6% -17% 18% 18% -3% 11% 7% 6% -2% 5% 1% 385 410 340 400 470 455 505 540 575 565 595 600 0100200300400500600700200620072008200920 102011201220132014201520169M2017 USD (billions) Traditional capitalAlternative capitalGlobal reinsurer capital6 reinsurance market outlook 2017 3 aon benfield Aggregates ABA 18 9 50 2% 1.

7 820 5 ABA aon benfield Analytics * Alleghany Arch Argo Aspen AXIS Everest Re Fairfax Hannover Re Lancashire MAPFRE Markel Munich Re Partner Re Ren Re SCOR Swiss Re Validus XL Catlin 117 133 108 136 140 144 165 167 176 182 187 182 13% -18% 26% 3% 2% 15% 1% 5% 4% 2% -2% - 20 40 60 80 100 120 140 160 180 200 USD (billions) aon benfield 7 0%2%4%6%8%10%12%14%200820092010201120122 0132014201520169M2017 Return on Equity ABA 18 2017 9 3 ROE PBR 2005 2017 6 30 ABA 2.

8 500 6 aon benfield Analytics 0%1%2%3%4%5%2008200920102011201220132014 201520169M2017 Ordinary Investment Return - Price to Book 50%60%70%80%90%100%110%120%2008200920102 011201220132014201520169M2017 Combined Ratio 8 reinsurance market outlook 2017 2005 100 2017 890 2017 9 30 820 7 Aon Securities Inc.

9 0102030405060708090200220032004200520062 0072008200920102011201220132014201520169 M2017 Limit (USD billion) Catastrophe bondsSidecarILWC ollateralized reAon benfield 9 2017 2 2018 2 Best 2017 10 13 Best BCAR Best Capital Adequacy Ratio BCRM Best s Credit Rating Methodology BCRM

10 Best ICR Issuer Credit Ratings ICR FSR Financial Strength Ratings Best Best s Credit Rating Methodology (BCRM) 35% BCAR 3 8 BCAR 100 ( , bbb+) (+2 / -3) (+2 / - 2) ERM (+1 / -4) (+1 / -1) (ICR)