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European cedants are bracing for a ‘sizeable price correction’ after the scale of summer flooding took reinsurers by surprise. -
An increase in the frequency and severity of nat cats and cyber incidents is pushing up protection demand.
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The Scor CEO said that (re)insurers risked being hounded by regulators for selling inadequate products.
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More than 95% of global reinsurance capacity can now be accessed by placing business on the platform.
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The broker CEO said this went against a “core premise” of the industry which was the absorption of such volatility.
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A (Re)Connect panel of 2020 start-up leaders said the Covid lockdowns made for challenges in the build-out.
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“We do need to be careful about exuberance,” the CEO said, warning that complexities such as climate change and social inflation remain.
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Munich Re board member Stefan Golling said he expected market discipline to continue and expressed optimism about the US casualty market.
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The targets are part of the “quantum leap” strategy set to be unveiled by new CEO Laurent Rousseau at an investor day today.
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The ratings agency said that reinsurers were likely to shave several points off combined ratios in 2021 and 2022.
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In the months leading up to (Re)Connect and the wider conference season, the discussion around climate and ESG has become noticeably more urgent.
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Reinsurers retained more net income this year, driven by a desire to grow into the hardening market.
