Rendezvous President praises sector’s ability to grow

As the 63rd The Rendezvous de Septembre, began in Monte Carlo its President said that the industry remained robust in challenging conditions.

Claude Tendil said: “In a volatile environment reinsurers are continuing to grow and their financial strength remains excellent. Events show how important it is to continue to develop the insurance and reinsurance markets in the emerging countries and to develop tools to assess the new risks.”

Organisers expect over 3,000 delegates to attend the four days from 72 countries across the globe.

When asked what they thought the topics would be organisers said: “This is a growing market that will continue to develop in view of the under-insurance in developing countries and a certain number of industrialized economies.”

In 2018 the volume of business in the reinsurance sector is estimated to have been US$265 billion, up 5% compared to the previous year.

“This figure represents about 5% of world insurance turnover,” it added. “Growth in business is still fuelled by the emerging countries but also by the development of personal lines. “

On the current natural catastrophes Mr Tendil added; “It is too early to assess the costs of the exceptionally fierce hurricane Dorian, but it will probably have an impact on results for the second half of 2019.”

He added that climate change remains an issue and one the industry is not ignoring.

“Reinsurers analyse the consequences of climate change. They offer evolving solutions to cover cyber risks and are looking closely at ways of responding to other risks linked to the new technologies.”