In this interview with Intelligent Insurer from the 2024 Baden-Baden Reinsurance Meeting, Guy Carpenter’s Julian Enoizi, CEO Europe, explained how it’s a broker’s job to support the cause of cedents, ensuring that they get credit for re-pricing and de-risking their portfolios, while also acknowledging that cat losses in Europe make up only a relatively small proportion of global losses.
“We are the advocate of the client. It is our job to make a market; to negotiate in that area around capital versus risk. Reinsurers want to grow, cedents want to buy more,” Julian explained. “It is our job to get reinsurers to distinguish between the USD 100 billion of cat losses globally, including the recent focus in the US on hurricanes Milton and Helene, and the fact that Europe has had only around USD 7 billion of losses to date in 2024. It is important that each cedant’s portfolio is reviewed on its own merits.”