JLT Re feels well placed for changes in market
JLT Re is excited about its position in the industry and is investing heavily in its business, especially with all the activity in the hurricane season, according to global CEO Mike Reynolds.
He said that JLT Re has a solid client base that relies on the company, especially for things such as risk modelling.
He also stressed that JLT Re was making sure that clients had all the backup they needed in terms of reacting to the damage caused by Hurricane Irma.
“JLT Re feels that this is a time for the reinsurance market as a whole to stand up and respond to what is now a major catastrophe in the form of Irma, whatever the numbers eventually are,” Reynolds said.
Ed Hochberg, JLT Re’s CEO, North America, said the reinsurance market, especially in the US, needs to see this event as an opportunity, as Florida was heavily reinsurance-dependent. This is therefore an opportunity for reinsurers to stand up and demonstrate why it is that companies depend on reinsurers and the value they bring.
“We believe that reinsurers will, by and large, step up and pay claims quickly and be there for the renewals and the other coverages that companies will need,” Hochberg said.
JLT Re launched its new Viewpoint report at the Monte Carlo Rendez-Vous, stating that insurtech is going to be a game-changer for the reinsurance sector.
Reynolds said that the potential for change is huge, with insurtech set to reinvent the way products are created, priced and distributed.
As a result, he said, the use of technology and the ability to gain commercial gains from these innovations are likely to become key differentiators for re/insurers in the coming years as they compete for market share amid a backdrop of difficult economic conditions and a prolonged period of market softening.Get the latest re/insurance news sent to your inbox every day - Sign up to our free email newsletters
Today’s Monte Carlo stories
Beale mulls ILS solution to protect Lloyd’s market using new UK regulations
Allianz may seek additional reinsurance protection for cyber
VIG Re sets sights on Germany, France
Buyers seek extra protection after scare
XL Catlin sets its sights on the ‘fascinating’ Indian market
Costs need to fall to allow for re/insurance growth: Swiss Re
Irma, Harvey risks not reflected in price
Specialty lines ‘the next frontier’ for ILS
“The first thing the Bermuda Market will do is pay”: KPMG
Irma will focus rating agencies on reinsurers’ ERM performance
Barbican eyes new opportunities ahead
Irma an opportunity for ILS to prove its credentials
Bond Dickinson unveils US combination deal
Irma: too early to see an effect on rates
Insurers facing data protection trouble
Fourth industrial revolution will transform insurance value chain
