Why the industry loves to hate Monte Carlo

Despite its reputation as a networking hub for reinsurers and any company connected to or seeking to work with the reinsurance industry, it seems the primary motive of most attendees at the Monte Carlo Rendez-Vous is not to secure new business—it is simply to cement relationships with existing clients.

An online survey carried out by Intelligent Insurer in the run-up to the conference found that more than 50 percent of attendees are seeking first and foremost to spent time with existing clients.

The majority of the written responses also related to this. “We get real business done in an efficient (in time) manner,” said one respondent who had answered in this way. Another added: “In the relaxed environment that is the Rendez-Vous, it is easy to have open conversations with people that it is sometimes difficult to talk to in London.”

That is not to say new business has no part to play. The second most common reason cited was to pick up new business, with almost 25 percent of respondents choosing this option.

“Although we are able to engage with potential and existing clients extensively throughout the year, there is rarely such a concentration of decision-makers as at the Rendez-Vous,” said one respondent. Another added: “For my company Monte Carlo means networking.”

Another added: “Good conferences are absolutely necessary to make new contacts and subsequently business.”

Finally, perhaps secure in the knowledge the poll was anonymous, however, a very honest 18 percent said they attend simply to relax and get away from the office on expenses.

Less than 5 percent said they attend to learn and gain industry knowledge, but Monte Carlo is not really that type of conference.

There were also a few grumbles about the nature of the event. One respondent said he wished the industry would find somewhere cheaper to meet while another said: “I have been doing it for 25 years now. Why don’t they change the venue?”