The recent re-domestication of several reinsurers to Switzerland will be beneficial to the European market says Philippe Regazzoni, chief executive of Amlin Re Europ
The implications of the German flood losses will be a big topic of discussion at Baden-Baden this year, with a particular focus on actual losses versus modelled losses.
David Sampson, president and CEO of PCIAA, opened this year’s conference with a promise to defend the property and casualty insurance industry against evolving regulatory risks.
Maiden Holdings’ expansion targets the evolving strategic needs of its clients, says Colin Fitt, senior vice president of corporate development.
Although the European market generally enjoys fewer big losses in comparison with the US, the recent flood losses in Germany and Central Europe represent a stark reminder that big losses do occur and can hit the market’s insurers hard.
The lower margins made on reinsurance catastrophe business placed in Europe combined with less established risk models available to assess these risks means that buyers in Europe are less likely to be using alternative capital sources to place these risks, says Manfred Seitz, managing director of the international reinsurance division of Berkshire Hathaway.
The recent proposal by the International Association of Insurance Supervisors (IAIS) to apply additional risk-adjusted capital rules to major re/insurers is unnecessary and could have adverse consequences on the market.
Getting a handle on European flood risk is a priority for PERILS, the company that provides indices and exposure and loss data for the insurance industry.
The reinsurance industry must rediscover its core skill of assessing, managing and transferring risks instead of being preoccupied with the continuing influx of capital into the market.
Overzealous regulators are endangering the vigour, competitiveness and diversity of insurers in the US, says David Sampson, president and CEO of PCIAA, who explains how countering this threat remains central.