- Newslink Global Insurance Trends-The Week
- The majority of executives(87%) around the world cite untrained staff as the greatest cyber risk to their business according to a new report from “The Cybersecurity Imperative”
- PRA publishes four final Policy Statements on Solvency II
- PRA publishes Policy Statement-"Strengthening accountability: Implementing the extension of the SM&CR to insurers"
- FCA and The Pensions Regulator(TPR) launch a joint regulatory strategy
- Prudential Financial SIFI designation dropped by FSOC
- Applied Systems announces investment from CapitalG bringing access to Google expertise across artificial intelligence, machine learning, and digital marketing expired
- Greenlight Re Innovations makes third investment-in South Africa-based digital insurance platform Click2Sure expired
- RMS estimates insured losses from Hurricane Michael at $6.8bn to $10bn expired
- Insurance Australia Group(IAG) licenses the RMS High Definition New Zealand Earthquake Model expired
- AXA XL receives authorisation in principle to move its EU insurance company, XL Insurance Company SE, from the UK to Ireland expired
- Hannover Re completes fifth catastrophe bond transaction for clients this year- raising the total issuance volume to $1.5bn in 2018 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)