“The virtual nature of Monte has not diminished re/insurers’ desire to discuss the key issues of 2020.”
Another Monte Carlo Rendez-Vous will soon be upon us, but this year is slightly different. The sights and sounds of the Côte d’Azur have been exchanged for virtual meetups conducted from home, or newly opened offices, as the all-important renewals season gets under way.
While face-to-face liaisons may have been curtailed this year, the virtual nature of Monte has not diminished re/insurers’ desire to discuss the key issues of 2020 and connect with each other as much as possible.
The COVID-19 pandemic has been top of the news agenda for months but climate change and the looming economic recession are also key for an industry that is all about the numbers.
These factors are already having an impact on the market and in this month’s cover feature, industry veteran—some would say market oracle—Convex chief executive officer Stephen Catlin discusses the impact of COVID-19 claims, the huge reserving hole in casualty businesses and challenges on the asset side.
In an exclusive interview he shares his take on how the fallout from this maelstrom will lead to an elongated hard market.
Summer 2020 has been another when wildfires in the US have hit the headlines. Experts are linking the destructive blazes to manmade climate change, despite protestations from US President Trump that they are down to poor forest management.
Cat modellers argue that more accurate insurance pricing could be the key to unlocking greater efforts to mitigate fire risk, something we look into further in this issue.
While the Intelligent Insurer team will not be physically heading to Monte Carlo this year, we will certainly be there in spirit.
Look out for Intelligent Insurer’s daily publication, Monte Carlo Today with all the highlights, news and information from the event, as well as exclusive interviews with senior leaders.
In keeping with this year’s virtual nature, Intelligent Insurer has launched a broadcast and community networking website, the Re/insurance Lounge, which will feature video interviews, panel discussions and in-depth Monte Carlo insights available on demand.
With so much going on, it’s clear that Monte Carlo is very much going ahead in all its usual hectic—if slightly less glamorous and sun-kissed—glory.
Claire Churchard is deputy editor of the Newton Media Insurance Group
Image: shutterstock.com / Michal Bednarek