Monte Carlo 2012: Solvency II, a growth driver for life reinsurance business in Europe

10 September 2012 — Oleg DORONCEANU
Monte Carlo 2012: Solvency II, a growth driver for life reinsurance business in Europe
monte_carlo2Reisurance is a viable solution for the European life insurers looking for additional capital in order to comply with the Solvency II requirements, moreover opening new business opportunities for the reinsurance brokers, stated for XPRIMM Publications the representatives of GUY CARPENTER in Monte Carlo.

"Underwritings on the global life reinsurance market amount USD 45 billion, of which an about 30% share comes from the European market, where the sector registers an annual growth rate of 7%", said Nick FRANKLAND, CEO for EMEA Operations, GUY CARPENTER on the occasion the company's press conference in Monte Carlo.

It is a highly concentrated market, with only 12 core reinsurers, while no more than 5% of underwritings are intermediated by brokers. Yet, there are certain opportunities for the reinsurance brokers following the Solvency II implementing: life insurers are in need of higher capital amounts and we can provide advice on using reinsurance as an efficient substitute in this respect", said FRANKLAND. He also stressed out that GUY CARPENTER operations on the European life reinsurance market, based in Paris, have gained mandates from companies that traditionally do not work with reinsurance brokers.

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