New risks mean opportunities: Moczarski
Better understanding and coping with new risks will be the biggest challenge for reinsurers going forward – but those that succeed will also experience the most growth. This change dynamic also means an opportunity for reinsurance brokers to add greater value to their clients.
That is the view of Alex Moczarski, president and chief executive of Guy Carpenter, speaking in a wide ranging interview due to be published in the spring issue of Intelligent Insurer. He says new risks will emerge both through the increasing development of emerging markets and as a result of changing technologies and a more inter-connected global economy.
“Since 2007, growth in reinsurance sector premiums has come from China, India, South East Asia, Latin America and Central and Eastern Europe—and will continue to come from these countries and regions,” he said.
During his tenure so far, the business has strengthened its presence in several emerging markets across Asia and the Middle East, increased its headcount by 10 percent in Latin America and Asia and opened offices in Greece, Shanghai and Dubai. Most recently, it appointed a new CEO for the Pacific region, based in Sydney, Australia.
The broker has also invested heavily in new platforms and technologies. In 2012, for example, the company invested heavily in its GC Cat Flood model, the upgrades for its Czechoslovakian and Polish models becoming recognised as among the most credible available.
Additionally, it has financed the Guy Carpenter Asia-Pacific Climate Impact Center, based in the City University of Hong Kong, which is helping to increase understanding of atmospheric perils using advanced predictive research.
“We are meeting the demand from our clients and prospects for new technology-enabled analytical products and tools. These solutions help them translate an ever-increasing amount of data into actionable business intelligence in order to help them gain a competitive advantage, reduce risk and maximise profitability,” he said.