The 2024 Monte Carlo Reinsurance Rendez-vous is under way, with the Principality's hotels playing host to industry briefings and meetings between market participants.
These occasional recap emails will help you keep up to date with our coverage from the event, keeping to our ILS market-relevant focus, although clearly with a reinsurance leaning given the event.
Today in Monte Carlo, we reported that a poll by our sister publication Reinsurance News found respondents saying sustaining prices is expected to be the main focus of discussions.
We reported first thing today that start-up Mereo is readying a 1/1 launch, with capital raises being finalised for both equity and a new ILS fund, while a strong team is being put together.
Speaking this morning in Monte Carlo, executives from Fitch Ratings said that with further improvements in fundamentals less likely now, moderate and gradual softening is expected for property catastrophe rates and pricing.
At another briefing today, Yann Le Pallec of S&P Global Ratings said that the risk capital and expertise of the global insurance and reinsurance industry, including ILS and alternative sources will be crucial as the world navigates a number of key transition risks.
Munich Re senior executives Thomas Blunck and Stefan Golling explained that the reinsurance market is still not "super-hard" which means underwriting has to deliver returns, at the reinsurers press briefing this afternoon in Monte Carlo.
In an interview at the RVS, Chris Minter, the new Head of Swiss Re's Alternative Capital Partners (ACP) division, told Artemis that one of the biggest challenges for ILS is the uncertainty and perception of the influence climate change may have on insured losses.
Also from today, although not at the conference, we reported on the devastating impacts of typhoon Yagi in Hainan, China and Vietnam, a storm that although very impactful is unlikely to be a significant focus of discussions, but that does suggest the industry has much more to do on helping nations manage their catastrophe risk exposures.
Some coverage from earlier in the week for broader context, as at broker briefings held before the RVS, Aon said reinsurers need to help out on frequency covers, while also explaining that property cat markets should expect more competition in the tail.
At a Guy Carpenter briefing, Laurent Rousseau explained inflows of alternative capital are expected to continue and that new sponsor interest is expected to persist.
More updates from Monte Carlo tomorrow!
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