Guy Carpenter’s Massimo Reina, CEO Europe, led a panel of industry expects during the Guy Carpenter Baden-Baden Reinsurance Symposium, hosted in partnership with The Insurer. Looking ahead to January 1 renewals, Massimo indicated that conditions in Europe are “markedly different” than buyers might expect for North American renewals.
“There isn’t the problem of capacity as such,” Massimo said. “Yes, cedants are going to buy more coverage, but we do not believe that there is going to be a shortage of supply—certainly not at the top end of programs.”
Joining Massimo on the panel were Ann Haugh, CEO of Axis Re; Jean-Jacques Henchoz, CEO of Hannover Re, and Thierry Derez, chairman of the board of PartnerRe and Covéa CEO.
Panelists addressing the 600-plus industry executives at the event agreed that significant additional capacity was needed in the European market to counter the impact of inflation. Buyers of property catastrophe treaties can expect programs would undergo restructuring, with retention levels anticipated to rise.