Guy Carpenter experts provided actionable insights regarding market conditions, as well as addressing client challenges and solutions throughout the Monte Carlo Rendez-Vous, one of the primary events on the reinsurance industry’s calendar. Here are media coverage highlights connected with the conference.
In this video interview with AM Best TV, Laurent Rousseau, CEO of EMEA and Global Capital Solutions, Guy Carpenter, highlighted political instability and social unrest as major concerns, along with ongoing challenges related to natural catastrophe coverage in countries like Italy.
In this video interview with AM Best TV, Christophe Gaudron, CEO, Guy Carpenter France, said that the life and health reinsurance segment is evolving from primarily product development and risk transfer to include more capital management and financing solutions.
Erica Davis, Guy Carpenter's Global Co-Head of Cyber, joins a panel of insurance and cyber experts hosted by AM Best TV at the Rendez-Vous de Septembre in Monte Carlo. The panel emphasized the importance of learning from "low-grade systemic events" to better calibrate risk understanding and improve product offerings.
Moderate Rate Reductions Likely at 1/1 but Program Structure Changes Will Endure
Speaking during a media briefing ahead of Monte Carlo Rendez-Vous, Guy Carpenter's Dean Klisura, President and CEO, David Priebe, Chairman, and David Duffy, President, Global Clients, addressed market conditions ahead of January 1 renewals in this article from The Insurer.
Reinsurers Increase Appetite for Structured Solutions Amid Growth Phase
This article from The Insurer indicates that reinsurers are increasingly willing to offer structured solutions to preferred clients as they seek growth.
"While rising attachment points have impacted the level of overall risk transfer, there is a greater funding component to these solutions," explained Guy Carpenter's Laurent Rousseau, CEO of EMEA and Global Capital Solutions. "While reinsurers are looking to cap their explosure to frequency losses, they are increasingly willing to offer more structured multi-year, multi-peril solutions."
Guy Carpenter's Vicky Carter in Video Interview on Capital Selectivity, Discipline and Innovation
Guy Carpenter’s Vicky Carter, Chairman, Global Capital Solutions, International, joins Mark Cloutier, Executive Chairman and CEO, Aspen Insurance Holdings, for a video interview with the Insurer TV.
Vicky explained how investors have become much more selective in how they allocate funds.
“We’re seeing capital come in behind those who can demonstrate a consistent track record of profitability,” she said. She also indicated an anticipated growth of 8-10% in reinsurance capital during 2024, but also noted that this capital is being more strategically deployed.
Demand for Risk Capacity “Accelerating in All Dimensions”
In this article from Artemis, Shiv Kumar, President, GC Securities, explains opportunities in the insurance-linked securities (ILS) market.
“The ILS space has been very successful in addressing the need for property catastrophe risk capacity in the market over the past 2 decades," Shiv said. "With increasing economic growth, inflation in property values and climate change, the demand from our clients for risk capacity is accelerating in all dimensions.”
SRCC and Relationships to Dominate European Reinsurers' Thinking Ahead of 1/1
Julian Enoizi, CEO, Europe, explains in this article from The Insurer how reinsurers are showing increased interest in wind for continental Europe, while stressing how underwriters remain disciplined against the backdrop of an active hurricane season and growing exposure to strikes, riots and civil commotion (SRCC).
"Our job at Guy Carpenter is to advocate strongly on behalf of our clients and to engage positively with the overall picture," Julian said. "We are actively seeking to get the market to be willing to engage with cedents with continental European exposure, especially in light of the themes around the North American hurricane season. This approach is gaining traction."
Guy Carpenter's Vicky Carter Joins CEO Roundtable at Monte Carlo
In this article from The Insurer, Vicky Carter, Chairman of Global Capital Solutions, International, participates in the CEO Roundtable during Monte Carlo Rendez-Vous.
Vicky explained how data will be key to develop opportunities. She also said the industry can do a better job of promoting itself.
"One of the big things this industry really has to do is to sell the value of insurance and reinsurance, and I think there's a lack of understanding outside the industry of the societal good it can deliver," Vicky said.
Guy Carpenter's James Boyce Discusses Value Ahead of 1/1 Renewals
Along with the release of Guy Carpenter's Global Specialties Market Update, James Boyce, CEO, Global Specialites, said in this article from Insurance Insider that cedents would be "demanding more consistency on wordings, improvements on terms and conditions, and more flexibility on attachment points" during renewal discussions.
"The value of coverage will be just as important as the price," he continued.
He went on to describe how the global specialty reinsurance market was now in a period of "relative stability" following recent "market upheaval." With strong rating adequacy across many business lines, capacity is available to meet demand, outside of a few challenged areas.