The possibilities around the way so-called big data could be used has the possibility to revolutionise the reinsurance industry and potentially the economy as a whole, Michel Liès, the group chief executive officer of Swiss Re, said in relation to the reinsurer’s second quarter results.
He said the industry is increasingly shaped by what he called megatrends, making it a time of opportunities and transition for the industry.
“It is an exciting but also demanding time for the re/insurance industry. The environment is heavily influenced and shaped by various megatrends, such as the continuous insurance demand in high growth markets, increasing regulation or big data,” Liès said.
“I believe big data has the potential to actually revolutionise not only our industry but the entire economy. Hence we keep a close eye on its development, consider business opportunities and establish dialogue platforms around big data at events such as Les Rendez-vous de septembre, when the global property and casualty industry meets in Monte Carlo."
Michel Liès, Swiss Re, Second Quarter 2014 Results, Europe