Long-standing relationships and a suite of specialised programmes help Guy Carpenter’s clients to reach their enterprise goals, as US CEO Andrew Marcell explained to Intelligent Insurer.
You have been in your new role just over a year now. What are the biggest challenges you have faced? Any surprises?
Changing market conditions are creating new challenges and opportunities for our clients. Insurers are challenged to grow in an environment of increasing competitive pressures, regulatory and technology changes. Sustained excess capital, the growing influence of convergence participants, low investment returns and diminishing reserve releases add another layer of strategic complexity.
Insurers are also faced with uncertainties surrounding finalisation of the US Farm Bill and the reauthorisation of the Terrorism Risk Insurance Act (TRIA). Additionally, they must now consider emerging perils including climate change, cyber risk and supply chain interruptions—all of which have little historical data available for modellers and underwriters to utilise.
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Andrew Marcell, Intelligent Insurer, US, Guy Carpenter