The numerous challenges the insurance industry faces mean that innovation is critical to tackling them. Rob Bentley of Guy Carpenter, describes how Guy Carpenter is helping its clients manage these challenges—especially the conundrum of insurtech.
The ILS markets will continue to evolve and flourish with Bermuda front and centre of future development. That was the overall takeaway of the ILS Convergence 2018, held in Bermuda in October.
The risk transfer industry understands that more could be done to close the protection gap, and more risk pools linked to governments could help solve this problem, argues Laurent Montador of French reinsurer CCR, which is backed by the French government.
A fundamental transformation of the insurance business is under way, driven by technology and innovation, and insurers must seek to drive co-created value through global networks, says Indranil Nath of DXC Technology.
The warning signals from 2017 are clear: the future success of our industry will depend on the strength of our partnerships and our ability to combine the knowledge and assets of each in order to develop innovative solutions, says Moses Ojeisekhoba of Swiss Re.
Citing Charles Darwin, SCOR CEO Denis Kessler believes that only the companies most responsive to change will survive in an increasingly complex and dynamic operating environment for reinsurers.
There is no point bemoaning the lack of a truly hard market, for the reality could be that the industry’s cycle has flattened out for the long term, says Gerry Tighe at Matrix Insurance & Reinsurance Brokers.
Spanish re/insurer Mapfre embarked on an overhaul of its Global Risks business in July, which includes integrating some of the business into Mapfre Re. Eduardo Perez de Lema Holweg, chief executive and chairman of the management committee of Mapfre Re, explains the logic for the restructuring and his perspective on the industry’s health.
Despite recent losses, buyers seem to retain the upper hand in negotiations as we move into the renewals. On this basis, some are taking the opportunity to fine-tune their reinsurance programmes; others are even seeking rate decreases—Intelligent Insurer spoke to four of them for their take on the state of negotiations.
Challenging market conditions and a renewed focus on building its primary insurance business have resulted in Tokio Marine Holdings taking the decision to divest its reinsurance operations in a $1.5 billion sale to specialist Bermuda reinsurer RenaissanceRe Holdings, which is scaling up its business.