Swiss Re media briefing at this year's annual "Les Rendez-Vous de Septembre 2006" in Monte Carlo
Swiss Re media briefing at this year's annual "Les Rendez-vous de Septembre", the international convention of insurers, reinsurers, brokers and reinsurance consultants.
Date: 11 Sep 2006, 14:16 (Monaco local time)
Underwriting for profit - managing the cycle at its peak
For the second successive year Swiss Re hosted its media briefing at the annual Rendez-vous de Monte Carlo. At the event, held at the Hotel Hermitage on the 13 September, Thomas Hess, Chief Economist, presented on the status-quo of the reinsurance market while John Coomber, CEO, showed that risk is a growth business for the industry and particularly for Swiss Re.
Thomas Hess started the presentation with a look back at the years 2001-2003 and the effect of the soft market and stock market crash. While he described these as difficult years for insurers, he reiterated that the industry has in the meantime made significant progress and that especially reinsurance remains an attractive business, growing at rates faster than GDP. In fact, reinsurance premiums grew by more than 60% in USD terms between 2000 and 2004.
John Coomber explained how Swiss Re will continue to benefit from this growth market and steer capacity towards solid returns in the respective lines of business and geographical locations. Since 1994 Swiss Re has produced annual growth rates of 12%, outperforming the market by an average of 5% per year.
At the media briefing John Coomber presented to the media the underwriting tools developed by Swiss Re to achieve attractive returns in each line of business. He described the various underwriting tracking tools and systems that lead to efficient capacity steering for product prioritisation.
In summary he pointed out that the cycle will be less pronounced than in the past and that generally pricing levels will stay attractive.
The media briefing was attended by 30 journalists. The briefing also saw the attendance of a number of Swiss Re managers present at Monte Carlo.
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