The recent reduction in litigation between insurers and reinsurers could be reversed as the industry increasingly moves into underwriting risks it is less familiar with, John Nonna from Patton Boggs tells intelligent insurer.
Re/insurance industry leaders are increasingly talking about the importance of innovation in the industry. As the world becomes faster-moving and more interconnected, the re/insurance industry is catching up and responding to new exposures.
The new risks facing businesses are very different from those of a generation ago. Insurers are in the business of assuming risk and must find ways of providing coverage for these new risks or they will become gradually less relevant to the very clients they serve. This message is being delivered with increasing regularity by industry executives.
But moving into new risk-generating territory does not come without its perils, says John Nonna, partner at US law fi rm Patton Boggs, specialising in dispute resolution, arbitration and litigation for the insurance and reinsurance industry. He notes that the number of large disputes between insurers and reinsurers has dropped in recent years.
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John Nonna, Insurance, Reinsurance, Lawyers, Patton Boggs