MONTE CARLO: Live news from the "Rendez-Vous de Septembre"

10 September 2017 — Alexandru CIUNCAN
The 61st edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers has started yesterday in Monte Carlo. XPRIMM publications on the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel as well as at the other event's venues.

RVS hosts a rich program of events and meetings and offers a large range of specialized publications, among which the collection of the latest reports published by XPRIMM. Our delegates will attend the main industry meetings and timely report on the trends and industry news.

Follow us and stay in touch with the latest news from Monte Carlo.

Torsten JEWORREK, Chairman, Reinsurance Committee, MUNICH Re
  • Projections show moderate reinsurance premium growth expected until 2019 and a slightly stronger growth in primary insurance. Europe, North America and Asia Pacific are the most important markets in the world
  • Global threats call for new insurance coverage to mitigate risk potentials: cyber risks, changing weather patterns, political and credit risk etc.
  • Impact of Hurricane Harvey could be somewhere between 20-30 billion USD, as a guess. It could be comparable with the tropical storm Sandy in terms of impact on the insurance market.

  • The protection gap on weather-related risks in the world is 180 billion USD. In Western societies solutions are available and affordable but people don't buy the coverage. It is a very frustrating gap and the one where we have done very little progress. In other societies people can not afford the coverage or solutions simply do not exist. In this cases we have engaged with Governments and we have had lots of successes throughout the world in countries such as Kenya i.e. New technologies helped a lot - such as satellite imagery etc.
  • The support of the IDF-Insurance Development Forum has been a major factor for success. So when the idea of the IDF came up we were excited and we were particularly pleased that the UN and The World Bank joined this very important program.

Roman DOUGLAS, CEO, Capital Science & Policy, WILLIS Towers Watson
  • Why should the Governments and the insurance industry work together? Because insurance demand and Government policies are very much linked together.

Bill MARCOUX DLA Partner
  • There is an opportunity but also massive challenges for the insurance industry in regards of the protection gap. But this is not a low-hanging fruit. It is an unique array of public and private forces that have joined forces in the IDF initiative.
  • We need a sound regulatory infrastructure. It is impossible for the insurance industry to deliver if there is not a basic rule of law, a proper dispute resolution mechanism, right securities laws in place. Insurance regulation is critical: market access, solvency, where can this capital be deployed, distribution and reinsurance regulation - they are all very imporant.
  • We seem some impediments in this regard increasing, instead of decreasing. We need to address the root causes of some of the problems that we face.

Joaquim LEVY, Managing Director & CFO, WORLD Bank Group
  • With the help of technology micro insurance is growing so much. This can have a tremendous impact of the lives of people.
  • The disaster risk financial insurance program has provided disaster insurance for many countries, including the Caribbean.

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