The market for catastrophe bonds and other insurance-linked securities would improve if the products could be standardized and thus made cheaper to bring to market, according to Clemens von Weichs, head of Allianz's reinsurance unit. Speaking in Baden-Baden today at Europe's reinsurance gathering, Mr von Weichs said that "we should move from handmade to manufactured to be able to bring securitizations at a much cheaper price to the market". He said that Allianz was convinced that the securitization market would continue to expand, but that they would complement traditional reinsurance, rather than replace it. He predicted that the number of international cat programmes, which had risen from 112 in 2004 to 205 this year, would double again to 410 within the next 10 years. He noted that this would imply 23% of all catastrophe programmes being backed by securitization.

The introduction of Solvency II in Europe in 2012 is now the main challenge for Europe's insurers, according to Ludger Arnoldussen, Munich Re management board member with responsibility for reinsurance business in Germany, Asia-Pacific and Africa. "Insurers have mastered the financial crisis comparatively well so far. They now need to regain their former capital strength and secure it long term in order to meet the higher standards required by Solvency II", Mr Arnoldussen said, as the Baden-Baden gathering began at the weekend. He noted that the uniform rules that will be applied to the European insurance industry "will also serve as a model for countries outside Europe, for example in Asia". Mr Arnoldussen also noted that while economic conditions had improved markedly in 2009, insurance premiums remained under pressure because of slower economic growth and reduced purchasing power. Meanwhile, Munich Re also said this morning that it had no plans to restrict capacity in 2010, provided prices remained "appropriate". In a release issued to coincide with the Baden-Baden reinsurance gathering, the reinsurer said that "while economic conditions have improved markedly in 2009, insurance premiums nevertheless remain under pressure".

The recovery of investment markets in 2009 has helped reinsurers and insurers to rebuild their balance sheets, usually without recourse to external capital, and reinsurance supply is once again "ample", according to Chris Klein, global Head of Business Intelligence at reinsurance broker Guy Carpenter. Speaking as the moderator of a Baden-Baden Symposium titled "Capital Creativity — the Road to Renewals", Mr Klein said that the resultant choice for buyers made it necessary to remind reinsurers of the need for disciplined underwriting. Henry Keeling, CEO of International Operations at Guy Carpenter, said in his introduction to the symposium that the new Solvency II era had highlighted "competitive compliance", noting that "with capital increases from earnings and more accessible capital markets, and with the benefits of competitive compliance, there are both opportunities and challenges — especially for those insurers and reinsurers here in Europe who can best optimize their capital".

UK-based broker Heath Lambert has linked with auction house Christie's to launch Christie's Insurance Services, "a unique insurance service for the sophisticated collector". Along with Chubb Insurance, the companies will offer Christie's private clients "a bespoke insurance service", covering art, homes, cars, jewellery, travel, legal expenses and personal liability. The service will be available initially to private clients in the UK and to European clients serviced from London