In the face of intense competition for business and softening rates, reinsurers are becoming more client-orientated and better at offering bespoke products—a trend welcomed by AXA’s reinsurance buyer.
The apparent soft market conditions do not reflect the positive underwriting results of reinsurers, according to Stuart Shipperlee, partner, Litmus Analysis.
A very large loss could potentially reverse the trend of large insurers retaining more risk on their own balance sheets, believes Manfred Seitz, managing director of international reinsurance at Berkshire Hathaway.
While the world’s largest, global, cedants are retaining more risk on their own balance sheets and buying less reinsurance, the reverse dynamic is true when it comes to smaller, regional players, believes Andrew Marcell, chief executive of the US operations of Guy Carpenter.
In the eyes of Munich Re, the company’s story is one of discipline, resilience and innovation in a highly competitive and sophisticated market. In today’s market, its executives say these values are more important than ever.
CoreLogic, the US data analytics company, will release a new flood model as a result of pooling its combined expertise with recently acquired EQECAT, Paul Little, president, EQECAT, told Monte Carlo Today.
Property Claim Services (PCS) is to launch an app that will allow post-catastrophe damage to be assessed in real time.
As excess capital flows into the market, catastrophe risk modelling firms can provide solutions that facilitate the expansion of the market, making it possible for excess capital to be deployed in addressing new, emerging and previously unmodelled risks or in geographical areas where insurance penetration is low.
Re/insurers have become increasingly sophisticated in the past 18 months in the way they view and are willing to use run-off as a strategic and capital management tool, believes Arndt Gossmann, chief executive of DARAG.
Some reinsurers are offering an increasingly varied array of innovative products and structures to cedants as they attempt to differentiate themselves in a crowded and competitive marketplace.