New products based on technology and data are increasingly being brought to market, while claims processes are being sped up through technologies such as blockchain, freeing up capabilities for new services, according to panellists at an Intelligent Insurer roundtable sponsored by S&P Global Ratings at October’s Baden-Baden Reinsurance Meeting.
The ILS market had one of its most successful ever years in 2017 and is well placed at it enters 2018, according to Paul Schultz, CEO of Aon Securities.
Rather than make the discovery after it’s necessary, it would be much more effective to develop a robust cyber ILW market before it’s needed, says Tom Johansmeyer of Verisk Insurance Solutions.
The average performance of cat bonds improved dramatically in October, up 0.35 percent, but the performance of some managers will diverge due to recent losses, the complexities of which also mean loss information is still being gathered by many managers.
After a year that caused historically high natural catastrophe losses to re/insurers which were already weakened by low rates and investment yields, 2018 is set to offer an improved operating environment not only due to rates bouncing back but also stronger economic growth.
London is doing its best to get access to the ILS market, with recent regulatory changes. Clive O'Connell, partner and head of insurance and reinsurance at McCarthy Denning takes a closer look at what has been announced.
After a significant contraction of gross domestic product (GDP) in Latin America in 2016, economic growth in major economies like Brazil and Argentina is bouncing back, sparking optimism among insurers and reinsurers.
Insurers see increasing growth opportunities in Latin America through the development of products for the lower income population which will help reduce the protection gap in the region.
While the digital world allows insurers to create more appealing products for customers, keeping the data may become expensive as new data regulation becomes effective, according to a November Marketforce panel discussion with several insurance CEOs in London.
It is a clear growth opportunity for reinsurers, but flood risk also represents a very difficult challenge for reinsurers to model and price accurately, says Jeremy Walker, reinsurance underwriter at Tokio Marine Kiln.