Breaking News

The number of people officially infected with Covid-19 has risen to 73 in Monaco: 3 cured, 15 hospitalised, 4 in ICU

Reassurance from reinsurance at the Fairmont

Reassurance from reinsurance at the Fairmont

By Staff Writer - September 13, 2016

Record 2,839 participants at Les Rendez-vous de Semtembre. Photo: Twitter RVS2016
Record 2,839 participants at Les Rendez-vous de Semtembre. Photo: Twitter RVS2016

Reinsurance firms meeting in Monaco this week at the 60th edition of Les Rendez-vous de Septembre believe that premiums will more or less stabilise in 2016 after five years of decline. The $600 billion reinsurance market is a backstop for insurers when faced with heavy claims for events such as natural disasters.

The annual gathering, the most important in the industry, always precedes the Monaco Yacht Show.

“The rate decreases have slowed down and we actually have seen a more flattish market,” Ulrich Wallin, chief executive of Hannover Re, told a media briefing. “Things look a little more optimistic than a year ago … (but) we are not expecting a broad-based hardening of the market as yet,” he added.

Ratings agencies, speaking last week, said premiums could fall by up to five percent in 2017, following similar price falls this year, which had hit returns. Reinsurers’ return on equity averaged 8.6 percent at the end of June, down from 10.3 percent at the end of 2015, ratings agency Moody’s said.

“The worst-hit reinsurers are likely to be smaller, less diversified and operating in markets where premiums have fallen to the point where they are barely covering the cost of capital,” Fitch said. “These firms may become acquisition targets as stresses leave them more likely to accept lower valuations.”

 

shares
SHARE
Previous articleProfessionals decry “shipwreck” of yachting industry
Next articleOne man dead, four others injured on cruise ship in Marseille

daily

April 2, 2020 | Business & Finance

Monaco Telecom acquisition complete

Stephanie Horsman

The Maltese Communication Authority has approved a €250 million corporate contract between Monaco Telecom and Malta’s leading telecommunications company, Vodaphone Malta.

0
April 1, 2020 | Business & Finance

Back to business at Larvotto construction site

Cassandra Tanti

Monaco is reopening the Larvotto construction site to workers, saying the beach project is “essential for the development of the Principality”.

0
April 1, 2020 | Business & Finance

Request for Extraordinary Minimum Income

Cassandra Tanti

Monaco’s self-employed entrepreneurs will have access to a minimum monthly income as part of the government’s new economic measures, effective immediately.

0
March 31, 2020 | Business & Finance

€280 million to cover Monaco’s workers

Cassandra Tanti

The Prince’s government has announced another raft of economic measures to support employees impacted by the Covid-19 crisis.

0