Soft market pressures, a prolonged low interest rate environment, low barriers to ILS capital entering the sector, the digital economy, tepid GDP growth… Hiscox Re’s Bill Lazzaro argues that how we respond to the current challenges in the reinsurance sector will define our future.
While attractive returns are still available, fundamental change in the reinsurance sector means the days of sitting back and delivering a 20 percent return on equity by optimising a finite amount of traditional capacity with vanilla products is long gone. Life as a reinsurer today is very different.
As an industry, we need to learn more from those outside our sector, do more to embrace change and focus on new innovative approaches to our business. It is exciting and humbling to have the role of chairing the Hiscox Re Product Group, a think tank of sorts at the forefront of our efforts to respond to the challenges and develop client solutions. We are constantly trying to enhance our value proposition, make the next incremental innovation or crack the next market disruption. Through varied meeting formats we are trying to stimulate creative thought, build a culture to help develop those ideas, reward proactivity and make the tools available to execute an idea.
Enter the dragons (or the sharks)
Dragons’ Den, , approach, reinsurance, challenge, ILS, Hiscox Re