Rod Fox, the managing partner and chief executive officer, TigerRisk Partners
To succeed in the truly “extraordinary” market conditions the re/insurance industry is navigating at the moment, it is essential that brokers always have more than one plan and communicate consistently and regularly, both internally and externally, Rod Fox, the managing partner and chief executive officer of TigerRisk Partners, told Intelligent Insurer.
“This is probably the most extraordinary market I have seen in my lifetime. In a market such as this, I like being way ahead; you always want to have multiple options,” Fox said.
“We tell our people: ‘if you have one plan, you have no plan’. You need multiple options and those must constantly evolve.
“You also need to communicate a lot—internally and externally with clients, as much as possible.”
He said the market is facing such a daunting time because of the confluence of challenges facing it, many of which pre-dated COVID-19. These include several years of heavy cat losses (including in 2020), social inflation, low interest rates, economic volatility, credit exposure—and losses from COVID-19 and business interruption claims on top of that.
“You have this coming together of different things hitting the market and I don’t think people have fully tallied all the losses,” Fox said.
“The market was suffering from a poor loss experience before the pandemic, which I also think will be a high loss.”
TigerRisk, Hardening Market, Insurance, Reinsurance, Rod Fox, North America