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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.
Christian MUMENTHALER, Group CEO, SWISS Re
Roman DOUGLAS, CEO, Capital Science & Policy, WILLIS Towers Watson
Bill MARCOUX DLA Partner
- 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.
Read also:
- Swiss Re, the largest reinsurer in 2016
- Silent cyber" exposure, a growing concern for insurers
- AON Benfield: the reinsurance industry is well capitalized
- CEE to get new cat models in 2018
- Reinsurers' consensus: the property insurance gap is a real concern and needs to be closed
- A.M.Best: Ireland, Luxembourg or Belgium, insurers' choices for European Offices, following Brexit
- 'Open architecture innovation' will drive new growth for insurers, find Aon GIMO report
- Munich Re is developing cover for new risks while the worlwide property insurance gap persists
- Over-capitalized insurance industry at odds with environment of global under-insurance
- Reinsurers' consensus: the property insurance gap is a real concern and needs to be closed
- A.M.Best: Ireland, Luxembourg or Belgium, insurers' choices for European Offices, following Brexit
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