The reinsurance industry will need to collaborate and look at the bigger picture to build resilience against the risks of the future.
This is according to Aon Benfield, the reinsurance intermediary and capital advisor of Aon, which plans to encourage the reinsurance industry to do this at its 14th Biennial Hazards Conference next week.
The firm added that the reinsurance industry will become more relevant to its customer’s lives if it engages with academia, the insurance industry, government and the corporate world.
“The interaction between practice and research has been a hallmark of the Hazards Conference Series for over two decades.The fundamental aim is to provide a regular forum for the insurance industry, researchers and leading-edge practitioners to meet and understand their respective roles in shaping the industry both now and in the future,” said Aon Benfield.
Over 350 delegates are expected to attend the conference, which takes place on the Gold Coast, Australia, from September 21-23. This year’s theme is “Beyond Tomorrow …” and will focus on exploring ways to improve risk management in an increasingly complex world.
Robert De Souza, chief executive officer (CEO), Australia and New Zealand, Aon Benfield and conference host, said: “With an influx of capital into the market and a below-norm year of catastrophe losses, the insurance and reinsurance industry is looking at how to innovate.
“Reinsurers need to review their value offering and stay relevant in a changing market. The conference provides an opportunity to spend time hearing from academic and insurance industry thought leaders on emerging challenges and collaborate to build resilience around these risks of the future.”
Malcolm Steingold, CEO of Asia Pacific for Aon Benfield, added: “These emerging risks bring opportunities for product innovation and will enable new markets to flourish by taking advantage of the abundance of capacity.
“Notably within Asia Pacific, Aon Benfield is working with insurers to identify Asia Pacific countries where global market insurers and reinsurers can seek diversification or where Asian firms can look for multi-national expansion through offering clients more relevant products that reflect their changing needs.”