PwC Hosts Reinsurers At RVS In Monte Carlo
PwC hosted over 400 reinsurance executives across three events at the annual Rendez-Vous de Septembre [RVS] in Monte Carlo this week.
A spokesperson said, “Key themes at this year’s RVS – the largest international gathering in the industry – were the ongoing hard market, improved resiliency of reinsurers, AI and concerns around increasing climate-related risks.”
“Our participation in the Rendez-Vous de Septembre is a crucial opportunity to engage with global leaders on the evolving landscape of the reinsurance industry,” said Matt Britten, Partner, Insurance at PwC Bermuda.
“As we navigate an era marked by increasing climate-related risks and a heightened focus on digital transformation, it’s clear that innovation and resilience are more critical than ever. The discussions in Monte Carlo around harnessing advanced analytics and artificial intelligence to better predict and mitigate emerging risks have been particularly insightful, and further reinforce Bermuda’s pivotal role as a hub for addressing these global challenges and driving the future of reinsurance.”
The spokesperson said, “The PwC Executive Breakfast at the Hermitage Hotel is seen by many as the unofficial start of the four day event. John Neal, CEO of Lloyd’s, was the keynote speaker this year.
“PwC’s annual Insurance Legacy Market Update and Deals Outlook event also took place. The PwC team provided an overview of deal activity and perspectives on the outlook for the sector.
“Despite a turbulent 12 months, recent deal activity suggests the market for legacy transactions remains strong. New PwC analysis shows the North American market in particular has bounced back after a quiet 2023, in line with predictions in PwC’s March 2024 Global Run-Off Survey. The 13 North American deals involving over $3bn of liabilities completed in the first eight months of 2024 already exceed the total number of deals announced in 2023.”
Commenting on the Bermuda market, Matt Britten said, “During the year we have seen a couple of legacy deals executed with ILS players providing a solution to trapped capital. At the same time the Bermuda market has also seen an increased level of activity and interest in ILS casualty space, which I believe provides legacy acquirers with the potential opportunity to provide solutions – upfront solutions would probably be of most interest, to help support the development and growth of this ILS casualty space.”
The spokesperson said, “PwC hosted a new session this year in Monte Carlo on AI, and its potential impact on reinsurers. PwC research finds that 70% of reinsurers’ CEOs believe that AI is going to fundamentally transform their business. PwC AI specialists outlined four key areas of opportunity enabled by AI that reinsurance market participants can exploit to transform operations: Data Acquisition, connecting across the Value Chain, Optimising and Automating Processes and Decisions, and Driving Insight and Assisted Decision Making.”
