The last twelve months has continued the recent reinsurance market trend of reserve releases, an absence of major catastrophe losses and falling rates in key market areas. There has also been an increase in interest in cyber and emerging market risks as the industry reacts to the changing landscape. All of these are forcing companies to adapt to the new normal.
This has produced an upsurge in M&A activity as the reinsurance market responds to the challenges faced from poor investment returns, an increased requirement for cost control, the influx of new capital into the ILS market and from hedge funds, the increase in regulation as Solvency II reaches its implementation date in Europe and the challenge arising from lower placement of risk by primary markets.
Resilience, flexibility and adaptability are key to success and the most successful and well led companies are responding with changes in their data, systems, structure and processes designed to ensure their long term success.
PwC's Insurance leadership was delighted to be at the Reinsurance Rendez-vous in Monte Carlo once again this year. We are pleased that Brian Duperreault, President and CEO of AIG, joined us as our keynote speaker at our annual PwC Breakfast Briefing on Monday, 10 September 2018 at the Hotel Hermitage.