Just weeks into his new job, Moses Ojeisekhoba, the new CEO of the Reinsurance Business Unit at Swiss Re, is clear that for the industry to grow it must also become more relevant to society and work hard to close the so-called protection gap that is increasingly prevalent in the industry. Intelligent Insurer reports.
The reinsurance industry must make an effort to help close the so-called protection gap that exists in many markets and areas of risk transfer if it is to maintain its relevance to society and the economy.
That is the view of Moses Ojeisekhoba, the new chief executive officer of the Reinsurance Business Unit at Swiss Re. As the former CEO of Swiss Re’s Reinsurance business in Asia, Ojeisekhoba has often witnessed first-hand in emerging markets the very large difference that can exist between economic losses and insured losses in the aftermath of a big catastrophe.
This phenomenon also occurs in developed markets and he stresses that plugging this gap is not easy but, especially for an industry struggling for growth, it should represent a natural target for the industry across many markets and many sectors, especially in the current tough and challenging environment.
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Swiss Re, Insurance, Reinsurance, Moses Ojeisekhoba, Europe, ILS