Every year, the reinsurance world converges on Monte Carlo for the Rendez-Vous de Septembre, a key event that sets the tone for the industry, ahead of the crucial January renewal season. This gathering isn’t just about numbers and contracts; it’s where the industry’s most pressing challenges and opportunities are dissected, discussed, and debated. Understanding these discussions is vital for ICMIF members as they navigate an increasingly complex global landscape.
The Monte Carlo Rendez-Vous is unlike any other industry event. Amidst the iconic yachts and luxury hotels, serious discussions unfold that can have a significant impact on reinsurance pricing, risk management strategies, and the development of new products. This is where relationships are built and decisions that will shape the coming year are made.
While much of the conversation at Monte Carlo this year will likely revolve around climate change, economic pressures, and cyber risk, one key theme that resonates particularly well with ICMIF members is resilience. Resilience, in this context, means building insurance and reinsurance models that can withstand shocks—whether they are climate-induced natural catastrophes, economic downturns, or societal changes. For mutuals and cooperatives, this focus aligns naturally with their values. They are not driven by profit margins alone, but by the need to protect their members and communities over the long term.
One of the key issues at this year’s Rendez-Vous will be the growing impact of climate change and the increase in natural disasters. As these events become more frequent and severe, the global reinsurance market is grappling with how to price and model these risks accurately. The challenge can be even more profound for ICMIF members, as their members are often located in areas that are particularly vulnerable to climate change, such as coastal regions and developing countries, where the effects can be more devastating.
Another significant concern is the impact of inflation and economic uncertainty on reinsurance pricing. As costs rise, reinsurers are under pressure to adjust their pricing models to maintain profitability. For cooperative and mutual insurers, which often operate on thinner margins, this presents a challenge. They must balance the need to keep premiums affordable for members with the reality of rising reinsurance costs. The discussions in Monte Carlo will likely highlight the need for discipline in pricing and underwriting. ICMIF members, with their focus on resilience rather than short-term profit, may find themselves well-positioned to navigate these challenges. By maintaining a conservative approach to risk and building strong reserves, they can continue to offer stable, reliable coverage to their members.
Collaboration is a hallmark of the mutual and cooperative insurance model, and the Rendez-Vous provides an invaluable platform for fostering these relationships. The event allows ICMIF members to connect with peers, share insights, and develop strategies that will benefit their organisations and the broader communities they serve. In an industry where risks are becoming increasingly interconnected, the ability to collaborate and share knowledge is more important than ever.
As part of this year’s Rendez-Vous, ICMIF is hosting the “Monaco Mutuelle” cocktail reception on Tuesday 10 September. This event offers a unique opportunity for attendees to meet with ICMIF’s leadership, including CEO Shaun Tarbuck, CEO Designate Liz Green, and Vanessa Smith, SVP Operations. The reception will be a relaxed setting for ICMIF members to connect and share their diverse perspectives on the challenging reinsurance market.
To continue these important conversations, ICMIF will also hold a virtual reinsurance forum on Thursday 3 October 2024. This forum will be a great opportunity for members to discuss what’s happening in the reinsurance market as the 1/1 renewals approach, focusing on pricing, capacity, and key trends. Members returning from Monte Carlo will have the opportunity to share their insights on the market outlook, followed by smaller breakout discussions where everyone can contribute their views and experiences.
While Monte Carlo and the virtual reinsurance forum provide essential insights into the current reinsurance market, ICMIF members can look forward to more in-depth discussions at the next Meeting of Reinsurance Officials (MORO) in June 2025. MORO is a unique global gathering for reinsurance professionals from the mutual and cooperative sector. Held every two years, it offers an unrivalled opportunity to share knowledge and address common challenges in a collaborative environment. The upcoming MORO conference, hosted by LocalTapiola, will take place in Helsinki (Finland) from 3-5 June 2025.
The Monte Carlo Rendez-Vous de Septembre offers a glimpse into the future of the reinsurance industry, with discussions that will shape strategies and decisions for the coming year. For ICMIF members, understanding these trends and how they align with their focus on resilience is crucial. By staying engaged with our global reinsurance community, they can continue to protect their members and communities, ensuring that they are not just prepared for the challenges ahead, but also positioned to thrive in an increasingly complex world.
To find out more about the ICMIF “Monaco Mutuelle” cocktail reception, the virtual reinsurance forum, or the Meeting of Reinsurance Officials (MORO), please contact Mike Ashurst, Senior Vice President, Reinsurance & Learning.
