Times are a-changin'
One year after the global financial crisis has begun, insurers and reinsurers
alike are looking ahead to new times. This was the opening of my previous
editorial, written in preparation of Baden-Baden 2009. More than half
a year past and the groom economical situation has heavily impacted on
the markets.
Nearly all CEE insurers and brokers were affected by the economical crisis.
Investors had to restructure their businesses or even to pull the plug
in some cases, as can be seen in the comprehensive CEE Markets Survey
put together by my colleagues.
The conclusion: no more double-digits growth rates in the region, at
least for the following years. Surviving is now the key word, while flexibility
becomes the main advantage.
How will the renewal season be affected by all this: difficult to predict
that is.
Despite the economic downturn, large European reinsurance companies showed
positive results in 2009, helped by a conservative underwriting strategy
and by the low nat cat activity. Which unfortunately isn't the case anymore
in
2010, a hurricane-prone year, according to experts.
The fog will disappear in the fall, when The Baden-Baden XPRIMM Symposium
2010, probably the first event dedicated to both CEE & CIS markets,
will continue the tradition started back in 2009.
October 24th's the date!
Author: Alexandru CIUNCAN
on 03.06.2010
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