Reinsurers’ mergers and acquisitions have not reduced the capital available to the insurance market, according to Aon Benfield’s latest reinsurance outlook.

Reinsurance capital stood at $US580 billion ($770.45 billion) at March 31, up 1% compared with December 31, as reinsurers’ earnings remained stable and catastrophe losses were light.

Insured losses of $US14 billion ($18.59 billion) so far this year compare with a recent annual average of $US33 billion ($43.84 billion).

“Should current trends from the first half of the year continue, there are currently no regions of the world ‘on pace’ to surpass their 10-year average [this year],” the report says.

The forecast strengthening of El Nino “should have a modest impact on losses through the rest of the calendar year into early next year”, although higher typhoon losses are likely in the Asia-Pacific region.