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espite its reputation as a networking hub for reinsurers and any company connected


Primary motive for attending conferences


to or seeking to work with the reinsurance industry, it seems the primary motive of most attendees at the Monte Carlo Rendez-Vous is not to secure new business—it is simply to cement relationships with existing clients. An online survey carried out by Intelligent


13.09.15 SUNDAY


Why the industry loves to hate Monte Carlo D


Insurer in the run-up to the conference found that more than 50 percent of attendees are seeking first and foremost to spend time with existing clients. The majority of the written responses also


related to this. “We get real business done in an efficient (in time) manner,” said one respondent who had answered in this way. Another added: “In the relaxed environment that is the Rendez- Vous, it is easy to have open conversations with people that it is sometimes difficult to talk to in London.” That is not to say new business has no part


to play. The second most common reason cited was to pick up new business, with almost 25 percent of respondents choosing this option. “Although we


are able to engage with


potential and existing clients extensively throughout the year, there is rarely such a


0% 10% 20% 30% 40% 50% 60%


Learn and gain industry knowledge


Pick up new business Relax and get away from the office on expenses


concentration of decision-makers as at the Rendez-Vous,” said one respondent. Another added: “For my company Monte Carlo means networking.” Another added: “Good conferences are


absolutely necessary to make new contacts and subsequently business.” Finally, perhaps secure in the knowledge the


poll was anonymous, however, a very honest 18 percent said they attend simply to relax and get


Strengthen relationships with existing clients


away from the office on expenses. Less than 5 percent said they attend to learn


and gain industry knowledge, but Monte Carlo is not really that type of conference. There were also a few grumbles about the


nature of the event. One respondent said he wished the industry would find somewhere cheaper to meet while another said: “I have been doing it for 25 years now. Why don’t they change the venue?” n


damage, in part thanks to an intensifying El Niño in the coming months, according to Impact Forecasting, Aon Benfield’s catastrophe model development team. A report by Impact Forecasting, examining


El Niño to drive global drought losses of more than $8bn G


lobal drought losses will likely surpass the current forecast of $8 billion in economic


Steve Bowen, Impact Forecasting associate


director and meteorologist, said: “As we continue to see the prospect of El Niño becoming one of the strongest in decades, more and more effects will be apparent around the world. “This is already true in the form of global


the impact of natural disaster events worldwide during August 2015, also revealed that in the US, severe drought conditions persisted in western regions with total economic losses expected to reach at least $3 billion—mostly attributable to agricultural damage in California. Several Caribbean and Central American nations issued alerts as droughts worsened. Drought conditions also affected Eastern


Europe, Africa, the Caribbean, and Central America during August, with combined economic losses of more than $2.6 billion occurring in Romania, the Czech Republic, and Poland.


drought losses, as several countries have endured a severe lack of rainfall and agricultural impacts. On the flipside, tropical cyclone activity in the Pacific Ocean maintained its torrid pace in August due to above-average sea surface temperatures and favourable atmospheric conditions. “Multiple landfalling storms in Asia-Pacific


left considerable damage, and more activity is expected as we enter the peak of the cyclone season,” he said. Elsewhere during August, Super Typhoon


Soudelor tracked through Saipan, Taiwan, and China causing economic losses in excess of $3.2 billion. Soudelor was followed by Typhoon Goni which wrought havoc in the Philippines,


20 | MONTE CARLO TODAY | DAY 1: Sunday September 13 2015


the Korean peninsula, and Japan, killing at least 70 people, damaging tens of thousands of homes and causing economic losses well into the hundreds of millions of dollars. n


www.intelligentinsurer.com | www.bermudareinsurancemagazine.com


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