GIC Re team from HO Mr. Devesh Srivastava, General Manger, Mr. Rajesh Laheri, Chief Manager and Mr. Bibekanand Sahu, Senior Manager visited Boston from 20th Oct, 2019 to 22nd Oct, 2019 to attend American Property Casualty Insurance Association (APCIA) annual meeting. RIWW team has been attending APCIA annual meeting since the last 6 years.
The Annual Meeting is a chance to network with APCIA members and non-members: insurers, reinsurers, and brokers of USA territory. It brings together leaders in the property-casualty insurance industry. The conference explores a wide range of topics to help senior management stay on top of critical developments and discover new and more efficient ways of doing business.
In addition to networking, the Annual Meeting presents General Sessions with Speakers drawn from various disciplines—economic, historical, political, and regulatory and examine key issues and the broader implications for insurance and reinsurance business decisions. Industry-centric panel discussions were also a highlight of these sessions.
GIC Re team met with various present and prospective cedants and brokers during the conference. The meetings went very well. The continuity shown by GIC Re is much appreciated by the US market and displays our long-term commitment to the market. Being the most developed market in the world and with almost 40% of the world premium emanating from there, a major global player like GIC Re should make its presence in the market more visible. This is in tandem with the long term strategic thought of the Corporation.
The Singapore International Reinsurance Conference (SIRC) provides insurance professionals a forum to meet and discuss issues of the present, while taking stock of developments in the reinsurance market; and starting preparations for the following year’s treaty renewals.
The event of the theme for the SIRC 2019 was “the Winds of Change”.
With the theme: ‘Winds of Change’, the 16th SIRC addressed pressing industry issues such as the increasing frequency and severity of extreme weather events caused by climate change, industry disruption and digital transformation, as well as the sustainability of the (re)insurance business model as operating margins narrow in the various sessions during the conference. While prominent thought-leaders from the industry shared their insights and experience on these issues over three intensive conference sessions, a large number of bilateral business meetings were held across meeting tables in the Lloyd’s Coffee House and the private meeting rooms hosted by over 200 participating companies on the conference floor.
GIC Re had nominated eight officials from head office and two officials from the Malaysia Branch.
The FAIR in association with SCR Morocco, the host company, organized the 26th FAIR conference in Morocco from 23rd to 25th of September 2019. The conference was held in the beautiful town of Marrakesh, also known as the "Red City", the "Ochre City" and "the Daughter of the Desert". The theme for this year’s conference was “New economic barriers in Afro Asian Insurance Markets”.
The FAIR Natural Catastrophe Reinsurance Pool (FNCRIP) was formed under the ambit of FAIR (Federation of Afro-Asian Insurers and Reinsurers) to meet the reinsurance requirements of insurers in the Afro-Asian region for natural catastrophe covers in the backdrop of increased frequency and severity of natural catastrophe events in the region.
GIC Re is one of the founder members of FAIR. GIC Re is also the manager of the FNCRIP since the inception of the Pool which was launched during the 23rd FAIR Conference held in China in September 2013.
The Conference was attended by Mrs. Reena Bhatnagar, GM and Joint-in-Charge, Mr. Shashikant Narayan More, GM, Mr. Dhyanraj Gawade, CM and Miss Trishtina Hembram, AM. Also, the GIC Re Dubai Branch and GIC Re South Africa attended the same and was represented by Mr. Sajan Varghese, AGM, Ms Aditi Sharda, DM and Mr. Charles Asirvatham, AGM.
The conference witnessed meetings of FAIR, Pools and Syndicate of the FAIR. As an active member of FAIR, GIC Re attended the Executive Board meeting of FAIR, wherein GIC Re as the Pool Manager gave a report on the FNCRIP. GIC Re enumerated the efforts taken by the Pool Manager to increase the business of the Pool despite of many hindrances. GIC Re received accolades from the members of the house for the exemplary performance.
Mrs. Reena Bhatnagar, GM and Joint-in-Charge was also invited for the first time to attend the Steering Committee meeting of FAIR and to present a report on FNCRIP.
During the General Assembly meeting of the FAIR, for the first time, GIC Re was selected as a member of the Steering Committee of FAIR replacing a member company from China. The selection was done based on certain criteria, to name a few i.e. regular participant of the FAIR meetings, manager of the Pool, etc.
GIC Re as a Manager of the FNCRIP also organized the Technical Board and General Assembly meetings of the Pool. The General Assembly is the supreme authority of the Pool whereas the Technical Board considers the technical aspects of the Pool.
Mrs. Reena Bhatnagar, GM and Joint-in-Charge made a presentation on the FNCRIP’s activity and performance in the Technical Board meeting. The meeting was attended by Mr Adel Munir, Secretary General of FAIR and presided by Mr Malcolm Fonseca, Chairman of the technical board of the Pool and Head of Retro, Trust Re, Bahrain who took over the agenda items prepared by the Pool manager one by one. Subsequently, these agenda items were then ratified by the General Assembly. These meetings resulted in fruitful discussions and GIC Re as Pool Manager again received laurels from the members of the Pool.
The meetings of FAIR Non-Life Reinsurance Pool managed by Milli Re, Turkey and FAIR Aviation Pool, managed by SCR, Morocco was attended by Mrs. Reena Bhatnagar whereas, Mr. Shashikant N. More, GM, attended the meetings of FAIR Oil and Energy Syndicate, managed by Trust Re, Bahrain.
As an effort to market the FNCRIP, several bilateral meetings were held with brokers, insurance and reinsurance companies from the Afro-Asian region. The conference newsletter also carried the full-page interview of Mrs. Reena Bhatnagar, GM and Joint in Charge.
This conference provided a platform to GIC Re to meet International delegates and got updated on the current trends in the Afro- Asian Insurance and Reinsurance Market. The conference also provided an opportunity to market GIC Re & FNCRIP to procure new business and further cement the existing business relationships.
Glimpses from the conference:
The 48th Baden Baden Congress was held from 20.10.2019 to 24.10.2019. The Conference provides an opportunity for cedants, brokers and re/insurers from across the globe to get together not only to discuss the renewal of reinsurance contracts prior to the major renewals season in January but also to exchange views and ideas on issues faced by the (re)insurance industry.
The GIC Re team was led by Joint In-charge Mrs. Reena Bhatnagar, GM Mr. N. Ramaswamy, DGMs. Mrs. Girija Subramanian and Mr. Hitesh Joshi, AGM Ms Hygina Pinto and Chief Manager Mr. Shaji Thomas.
The meetings conducted at this Conference with various business partners have helped build and grow our international book of business as well establish relationships with good “A” rated reinsurers who provide solutions as well as support us on our various Retro programmes.
This year’s topic at the Guy Carpenter Symposium was “Is re/insurance ready for Industry 4.0? The tech opportunities posed by Industry 4.0, otherwise known as the fourth industrial revolution, were the focus of the event.
Over the past few years the participants have discussed about how reinsurers financial results were impacted by the series of losses. There is a growing expectation that a significantly tighter retro market will add momentum to property cat reinsurance renewals at 1 January with Typhoon Hagibis coming hot on the heels of Faxai. Besides the nat cat events, the effects of climate change becoming increasingly apparent across the world was also a subject which get a lot of attention.
For the GIC Re team, the interactions with various stakeholders have been very fruitful. It was heartening to see GIC Re being well recognised and acknowledged in the Reinsurance world.
The 2019 Monte Carlo Reinsurance Rendez-Vous de Septembre, the 63rd edition of the reinsurance, insurance and insurance-linked securities (ILS) gathering was held in Monaco on the south coast of France, between 7th-12th September 2019, where insurers, reinsurers, brokers & ILS funds met to discuss the next major reinsurance renewals season of January 2020.
GIC Re delegation at Monte Carlo this year was led by General Manager and Joint in Charge , Mrs Reena Bhatnagar, General Manager, Mr Devesh Srivastava, General Manager, Mr Ramaswamy Narayanan and DGM, Mrs Girija Subramanian
Since 1957, reinsurance companies, insurer clients, investors and service providers have met in the sun (and occasionally rain) in Monte Carlo, Monaco at the reinsurance Rendezvous event, making it a busy time for analysis, news and insight on the market. These days, the ILS fund market is a fixture at this industry conference as well. This conference normally discusses the latest developments in the global reinsurance industry and sets the tone for the outlook for the 1st January renewals.
The main message from this conference was that reinsurance pricing would be flat or moderately rising for 2020 as retro capacity was “tight but sufficient” for 1st Jan 2020 due to trapped collateral. Participants observed that the ILS markets are willing to go deeper into Reinsurance markets but needs to price for trapped collateral.