Press Release - SEPTEMBER 09, 2019
AM BestTV at Rendez-Vous: ‘What a Difference a Year Makes,’ Say Analysts at AM Best Reinsurance Briefing
FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 09, 2019
The analysts spoke at AM Best’s annual Reinsurance Market Briefing at Rendez-Vous, and said that despite some improvements, the fragile global economy remains a concern for reinsurers.
“Looking back over the course of the year, we have a less positive view on economic growth now than we did a year ago,” said Greg Carter, AM Best managing director, analytics. “The United States was growing very strongly, with signs of growth across Europe. But now I think you’ve seen a lot of that reverse, and the ongoing U.S.-China trade war is only going to dampen growth globally.”
“Last year it was all pretty much all doom and gloom. We had come through a bad year for catastrophes, and there really wasn’t much movement in pricing and terms and conditions,” said Robert DeRose, AM Best senior director. “We had no idea what January or the subsequent June 2019 would hold, but to our surprise, we saw some positive momentum in pricing.”
The panel also spoke about market opportunities, and said that while cyber remains a top area for growth, the majority of players have been cautious in approaching the segment.
“The modeling in this area is still very primitive,” said DeRose. “Those companies that are not approaching the market with some degree of caution could be burned quite badly if there were an event of material size.”
Other people that appear in this episode:
To access a copy of AM Best’s recent Best’s Market Segment Report on the global reinsurance industry, visit http://www3.ambest.com/bestweek/purchase.asp?record_code=277679 .
For full video coverage of the Rendez-Vous conference, including exclusive executive interviews, visit http://www.ambest.tv/rvs19 .
Recent AM BestTV episodes include:
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