The Baden-Baden conference acts as an annual reminder of the deep-rooted traditions and history of the reinsurance industry, particularly in Continental Europe. Here, Intelligent Insurer examines the topic of corporate longevity, especially in a market now characterised by rapid change.
With a history stretching back more than 325 years, Lloyd’s of London clearly wears the mantle of being the oldest entity dedicated to risk transfer in the world. Its origins can be traced back to a coffee house in London in 1688 where some of the first contracts covering ship and cargo insurance were signed.
From humble beginnings, a remarkable history and track record of innovation and tough lessons has originated—one which has helped to shape and drive economic growth in the world.
Yet when you consider the evolution of risk transfer, its increasing sophistication and a growing understanding of the importance of risk spread and diversification, Continental Europe comes to the fore, particularly Germany and Switzerland. Here, companies were born that would ultimately invent and define the concept of reinsurance.
Munich Re, Swiss Re, New Re, Milli Re, Hannover Re, SCOR, Europe