Your weekly re/insurance round-up, ending 13th September 2024

It's been a busy week for news as the reinsurance industry met in Monte Carlo for the 66th RVS, and prior to the event, our poll revealed that?sustaining price levels was expected to be the main focus of conversations for reinsurers.

During the event, Swiss Re released its latest sigma reportwhich focused on social inflation, and the reinsurer also noted a rise in demand for P&C coverage.

Large European reinsurer Munich Re noted a promising and challenging?market environment for reinsurers. We also spoke with Munich Re's?Clarisse Kopff about the landscape in Europe and Latin America.

Hannover Re said during its media event that it's seeing?robust demand for “high-quality” reinsurance protection.?

Thierry Léger, CEO of SCOR,?noted the “almost limitless” potential of the cyber re/insurance market.?

Rating agencies also held briefings at RVS, with Fitch forecasting global reinsurance net premiums written to continue to grow, while S&P described US casualty as the the elephant in the room.

Of course, reinsurance brokers were also in attendance, and?Guy Carpenter commented on the global specialty reinsurance market.?

Aon and Marsh urged the?re/insurance industry to aid Ukraine’s resilience, while the former's President,?Eric Andersen, revealed that Aon has been restructuring its risk business.

Also during RVS, Lockton Re announced plans to add between 80 to 90 new people to the company this year, and called for a multi-tool approach to enhance cyber risk assessment.

We spoke with?Neville Ching, CEO of ReFlex, about market discipline and?responsibility.?

Howden's?Jarad Madea?discussed the underlying drivers of the hard market conditions, as Howden Re?urged reinsurers to support the renewable energy sector.

Reinsurance News also spoke with QBE Re's?Jamie Cookabout?the focus for the reinsurer at this year’s RVS, and NewRe's CEO about?future growth and?transparency.?

PwC's?Jim Bichard called for?a longer-term view of the transition to net zero, and at the company's breakfast briefing, Lloyd's CEO John Neal said that the re/insurance industry will play a key role in stabilising society.

Around RVS, we also spoke with?Isabelle Clausner of?Xceedance about?GenAI,?Ebix Europe's?James Pringabout?electronic placement platforms, and Carbon's?Rob Crocker discussed the growth of?Syndicate 4747 & 5757 in 2025.

Also at RVS, it was revealed that?Oak Re Syndicate 2843 has received Lloyd’s ‘in principle’ approval, while ConnectUW?launched reinsurance MGA BRICS UW. The launch of Coalition Re was also confirmed, and it was revealed that?Mereo Insurance will be ready for the Jan renewals.?

Post Monte Carlo, CoreLogic provided an insured loss estimate for Hurricane Francine, which analysts expect to be a very manageable event. ?

We’ll continue to update you with more coverage of the major developments from this week, while also keeping up with the regular news coming out of the re/insurance industry.

We hope all our readers stay safe and well this weekend!