The Rendez-Vous de Septembre, created in 1957, brings together around 3000 insurance, reinsurance, brokerage and risk management professionals from 80 countries, over four days in Monaco. The biggest gathering in the sector, it enables insurance and reinsurance industry players to discuss major issues and market developments. For the first time since its inception, this year the Rendez-Vous de Septembre, which was due to be held in September 2020, has had to be cancelled because of the health situation linked to Covid-19. The members of the RVS association, who held a meeting on 14 September 2020 chaired by Claude Tendil, decided that the 64th edition of the Rendez-Vous de Septembre would be held in Monaco from 11 to 16 September 2021, subject to the health situation at the time.
The reinsurance sector’s upward trend since 2017 continues. The 2019 business volume for the reinsurance industry is estimated at $300 billion, an annual increase of approximately 10% since 2017. The 2019 combined ratio for the sector amounts to 100%. It was mainly impacted by the frequency and severity of natural disasters, floods, tornados, hurricanes and typhoons, in addition to a certain number of major industrial losses. Profitability in the reinsurance industry has recovered since 2017 and stands at 9.5%. 2020 is marked by the Covid-19 epidemic, which is affecting both Life reinsurance and P&C reinsurance.
Claude Tendil, President of the RVS, commented: “The Covid-19 pandemic, the total cost of which cannot be assessed at this stage, will have a significant impact on the 2020 results of the reinsurance sector. However, it should stimulate long-term growth in the insurance and reinsurance industry through an upswing in the demand for business interruption coverage around the world. We are seeing an increasing number of initiatives to establish public private partnerships designed to ensure greater resilience in the face of future pandemics.”