Monte Carlo Rendez-Vous cancelled amid COVID-19 fears

Monte Carlo Reinsurance Rendez-Vous 2020, one of the largest insurance and reinsurance industry events globally,  has been cancelled due to concerns around the ongoing COVID-19 pandemic.

The Rendez-Vous de Septembre in Monte-Carlo was scheduled to be held from September 12 to 17 in Monaco. Re/insurers from all over the world usually attend this prestigious event, which also acts as the start of negotiations in the run up to the year end renewals.

The global pandemic has forced most of the world inside to curb the spread of the virus, following widespread bans on mass gathering and public events. France is likely to suspend all large events until late September.

There was a growing sense in the industry that going ahead with the event would not have been appropriate given the rising death toll from COVID-19 globally and the fact that some major re/insurers such as RenRe had already indicated they categorically would not attend.

RenaissanceRe confirmed on April 23 that its executives would not be attending the annual Monte Carlo conference this year, "considering the issues of public safety and economic hardship".

Other companies are likely to follow suit. “The idea of the industry enjoying champagne in the sun at a time like this did not sit right with many people,” one executive said.

Another added: “Even if they had pushed ahead, attendance would have been down and companies would have been faced with many moral dilemmas around sending employees abroad at a time like this and spending money on potentially unnecessary travel. Especially when the industry has adapted to working digitally so quickly, it felt like an unnecessary expense at the moment.”

For nearly 63 years the event has been attracting the major players in the reinsurance world, as well as new and upcoming start-ups and top industry executives. Founded in 1957 by André Roux, then president of the Assurances Générales de France, together with some other members of the industry, the Rendez-Vous de Septembre was formed with the intention of its becoming a universal meeting point for the reinsurance market globally.