Insurers and reinsurers continue to face increasing challenges. In 2022, the global insured losses from natural disasters have surpassed $100 billion, leading many to speculate that the $100 billion mark has become the new norm for annual losses from natural disasters.
The physical impact of climate change associated with the surge of inflation, and high interest rates, the geo-political tense in several parts of the world together with socioeconomic elements such as rapid urbanization have all worked to drive insurance losses into record high posing serious threats to the existence of some companies.
These fundamental changes have contributed to keep the results of the global reinsurance markets into the red zone and have therefore prompted for corrections. The tight reinsurance conditions, scarce capacities and high prices were painfully felt at several renewals earlier this year.
However, there are mixed feelings about how long the hard market conditions will last and therefore, the theme of the conference was chosen as:
We are inviting experts from the industry to share their views on the subject and throw light on the challenges and opportunities from the prevailing hard reinsurance market.
Finally, the Emirates Insurance market has promised to organize one of the best conferences in FAIR’s history and therefore we, the Federation, are looking forward to welcoming you in Abu Dhabi in November 2023.