Panellists clashed on whether the reinsurance industry will remain cyclical in its pricing or whether a more fundamental structural shift is taking place at a debate held at the International Insurance Society’s annual conference in London yesterday (Tuesday June 24).
While global insurance hubs such as London (including the Lloyd’s market) and Bermuda remain at the forefront of innovation for the industry, times are changing and the location of people’s desks is less important than it once was.
The fiercest competition of the future may not come from other be traditional insurance players but players such as banks boasting greater brand recognition, large amounts of data and established trust with consumers.
There is a grave danger that over regulation, the inconsistency of regulations across geographies and a lack of fundamental trust between insurers and insureds could kill off the insurance industry.
While seasonal outlook providers expect below average activity for the 2014 Atlantic hurricane season, Guy Carpenter has highlighted that preparation is key.
Marsh & McLennan (MMC) is to acquire a 34 percent share in South African insurance and investment consultant Alexander Forbes. The broker said the deal will broaden its exposure to the growth prospects present in South Africa and sub-Saharan Africa.
Lloyd's insurer Advent has hired Sarah Mendola, formerly of QBE Europe, in the new role of head of property binding authorities.
Hamilton Insurance Group, the Bermuda-based holding company for property casualty reinsurer Hamilton Re, has appointed William Thygeson, formerly of AIG, as chief operating officer (COO) of Hamilton USA, the banner under which the group’s US operations are being developed.
Aon Risk Solutions has created a global power committee to support the increasing needs of the power industry as it looks to tackle new and existing power risks.
Florida-based HCI Group, the owner of Homeowners Choice Property & Casualty Insurance, has entered into a non-binding letter of intent to acquire Prepared Holdings and its subsidiaries, including Florida-based insurer Prepared Insurance Company.