While alternative capital is here to stay, the industry could well experience a significant reset in rates if cracks in reserves widen and this combines with a big catastrophe loss, says Weston Hicks, the president of Alleghany, who also explains to Intelligent Insurer why his business is ready to benefit from such a scenario.
Re/insurance roles are changing and the industry will require a more diverse and tech-savvy set of skills and new talent to tackle the challenges of this evolving landscape, but a shortage of candidates has raised concerns around how to fill the approaching gap. Intelligent Insurer investigates.
The ILS market remains on course for healthy growth as it enters the second quarter of the year, according to Paul Schultz, chief executive of Aon Securities.
Fifty percent of pension plans state that getting trustees comfortable with ILS is the biggest impediment to allocation. Noel Hillmann, managing director of Clear Path Analysis, takes a look at the findings of a recent survey.
PCS designated more catastrophe events in 2016 than in any year since 1980, as Tom Johansmeyer of ISO Claims Analytics, a division of Verisk Insurance Solutions, reports.
Innovation and change never occur in isolation—they happen because of external forces, argues Richard Clark, business development director at Xuber, a part of CSC, as he tells Intelligent Insurer about the drivers of change for re/insurers at a macro level.
Reinsurers are particularly exposed to the UK’s decision to lower the Ogden personal injury discount rate by far more than expected, which is boosting victims’ compensation and the need for reserves, impacting the profitability of the business.
Even when wider market forces clearly drive a need for change and innovation, it becomes possible only when companies are able to embrace and nurture these things at a micro level argues Richard Clark, business development director at Xuber, a part of CSC, as he tells Intelligent Insurer about the drivers of change for re/insurers at a micro level.
While Munich Re is currently shrinking its share of traditional reinsurance business, due to the current soft market, it is also investing in technology to create alternative growth opportunities through the coverage of new risks and advisory for risk prevention.
Most (84 percent) of participants in an Intelligent Insurer survey want the way the personal injury Ogden discount rate is being calculated in the UK to change.