Léger was asked about whether the market could see wildfire insurance-linked securities (ILS) issuances, similar to what has been seen for Californian risks. The models are very little-developed today, and to do ILS type of covers you really need reliable models. Philipp Rüede, Group CFO of SCOR, also explained that there is a reason California wildfire risk is a peril in the catastrophe bond market. “Then there is a third pocket which is rarely in the ILS market, which is more traditional types of reinsurance. These are really very smallish type of areas that are very difficult to transfer to ILS.