- IAIS will soon embark on a new strategic direction following approval of its 2020-2024 Strategic Plan and Financial Outlook(SPFO)
- EIOPA publishes 2018 Annual Report
- IPCC circulates Final Draft including the Summary for Policymakers(SPM) of the Special Report on the Ocean and Cryosphere in a Changing Climate(SROCC) to governments
- UK motor insurers had impressive 2018 but prospects could worsen in next two years says EY research
- FCA publishes first annual perimeter report
- Insurer legacy systems holding back single customer view and slowing digital transformation says new MarkLogic global survey
- Econocom research indicates that over a quarter of businesses(26%) have had digital transformation projects fail expired
- Riskbook the winner of the London semi-final round of the ACORD InsurTech Innovation Challenge (AIIC) expired
- Argo deploys AVYST’s bi-directional forms system, eForms Wizard, making it possible for clients and brokers to enter risk details just once, at source expired
- SURA Columbia successfully deploys its integrated claims fraud detection programme for motor personal lines with the FRISS accelerator for Guidewire ClaimCenter. expired
- Brown appointed Non Executive Director at SSP expired
- Randall steps down as Group CEO at R&Q expired
23rd September 2018
Standard & Poor's reports on Monte Rendez-Vous
At the 62nd "Rendez-Vous de Septembre" in Monte Carlo, S&P Global Ratings discussed reinsurance pricing and the latest market trends with reinsurers, insurers, brokers, and other
market participants. Monte Carlo 2018 has not altered S&P's view that the reinsurance sector faces weak business conditions, even after the modest price increases in 2018. THey have maintained their stable outlooks on the sector and
most of the reinsurers they rate, based on their robust capital adequacy and strong enterprise risk management.
The main discussion points this year were related to long-term issues: the pick-up in merger and acquisition (M&A) activities, how reinsurers are adjusting their strategies to remain relevant, the persistence of alternative capital, whether the recent modest reinsurance price increases will carry into 2019, cyber risk, and the sector's reserve adequacy. To a lesser extent, the conversation also encompassed recent catastrophe events such as Typhoon Jebi in Japan and Hurricane Florence in the US.
The rating agency expects reinsurance pricing to stabilize as we head into 2019, and considers that alternative capital is here to stay. Many reinsurers are turning to M&A
in a bid to remain relevant, and spoke about how reserving policies could lead to greater volatility. Meanwhile, cedants are becoming more aware of how they could be affected by cyber risk and existing policies are being
rewritten to more clearly delineate the cyber risk embedded within them.
Standard & Poor's Trends(490 articles)