Discussing coverage gaps in Europe
Julian Enoizi discusses developing more public-private partnerships in Europe, while Leon Janeke address capacity.
In this video interview with the Insurer TV ahead of the 2024 Baden-Baden Reinsurance Meeting, Julian Enoizi, CEO, Guy Carpenter Europe, discusses how addressing the protection gap in Europe is a key priority, as such secondary perils as flooding and hail become more commonplace.
“Governments everywhere are looking for answers on how to manage large-scale risks, especially as climate change accelerates the frequency and severity of natural catastrophes,” Julian explained. He mentioned Italy’s recent move to mandate catastrophe insurance for corporates as an example of how countries are dealing with these risks.
“We’re actively involved in public-private partnerships to manage difficult-to-insure risks,” Julian said. Guy Carpenter is establishing itself as a leader in this sector, leveraging its global expertise and experience working with government entities to design risk-sharing arrangements.
Joining Julian for the interview was Guy Carpenter’s Leon Janeke, Managing Director, who indicated that Europe’s reinsurance market remains strong, despite recent loss events.
“We’re seeing a healthy supply of capital in the market, with excess capacity on our EUR 30 billion property portfolio running at about 16-17%,” Leon said.