24 June 2014 Insurance

Insurance career more attractive to youngsters

The insurance industry is becoming more attractive to the younger generation says Willis CEO and chairman Dominic Casserley speaking at the International Insurance Society (IIS) Seminar in London yesterday (Monday June 23).

Casserley said the growing attraction of the industry to the younger generation was a reason for him to be “excited” about the industry.

“The industry seems to be becoming more relevant than ever before,” he said, “and insurance is becoming more attractive to youngsters.”

Other panellists, which included Lloyd’s CEO, Inga Beale; Ace Group USA chairman and CEO, Evan Greenberg; Prudential Corporation Asia chief executive Barry Stowe and Munich Re chairman of the board of management, Nikolaus von Bomhard were also asked about the reasons driving their passion for the industry.

“As a former underwriter, I am delighted that the low interest return in the market has forced the industry to focus on making underwriting profit,” said Beale.

Von Bomhard said: “We don’t run out of risk.”

Greenberg agreed and said that the insurance industry is a reflection of society itself. “The pace of economic development, the size of the population, the enhancements in technology and wealth creation from new areas are all areas to be excited about,” he said. “If we remain relevant, we evolve too.”

Stowe spoke of the enormous headroom for providers of all types of insurance, stating that the rise of the middle class emerging market is not the only opportunity available.

The discussion, led by IIS chairman Greig Woodring concluded with Casserley, who said that as the perception of risk is perceived to be rising, the ways in which this risk is tackled are becoming all round more interesting.

Barry Stowe

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