Reinsurers thrive despite volatility, says Rendez-Vous president

Despite operating in a turbulent market buffeted by numerous micro and macroeconomic factors, reinsurers continue to grow and perform well and are increasingly helping emerging markets better manage risk.

That was the message from Claude Tendil, president of the Rendez-Vous de Septembre, speaking in a presentation held in Paris ahead of the event.

“In a volatile environment, reinsurers are continuing to grow and their financial strength remains excellent. Events show how important it is to continue to develop the insurance and reinsurance markets in the emerging countries and to develop tools to assess the new risks,” Tendil said.

Founded in 1957, the Rendez-Vous de Septembre brings together almost 3,000 specialists in insurance, reinsurance and risk management from 72 countries for four days in Monaco. This will be the 63rd such event.

In his presentation, Tendil noted that, in view of the under-insurance in developing countries and a certain number of industrialised economies, the sector would continue to grow. His presentation suggested that in 2018 the volume of business in the reinsurance sector was around $265 billion, up 5 percent compared to the previous year.

The combined ratio for 2018 was 99 percent, impacted by the wildfires in California, hurricanes Florence and Michael, and typhoons Trami and Jebi in Japan. This claims experience should lead to a progressive rise in rates, he added.