2017 Reinsurance Symposium Recap: Thought Leadership in Reinsurance
On March 9 and 10, The Institutes CPCU Society and Saint Joseph's University Academy of Risk Management & Insurance welcomed leaders, underwriters, actuaries, attorneys, and practitioners in the reinsurance industry to discuss the current environment, emerging issues, and future challenges. Learn more about the 2017 Reinsurance Symposium.
Check out the short video clips below to learn more about the issues and topics presented:
A.M. Best's Andre: Watch for More Reinsurance M&A
John Andre, managing director, A.M. Best, said intense competition and new players will force some companies to seek combinations that will allow them a better range of offerings.
Endurance's Totten: Insurance's Biggest Catastrophe Was a Casualty Loss
Shannon Totten, who heads the excess casualty practice for Endurance, said modeling for casualty risk is still in early stages and improving rapidly. The largest loss to the insurance industry was from asbestos liability, she said.
FPRI's Turzanski: Cyberterror a Growing Threat, Challenge to Model
Edward Turzanski, a university professor and expert on terrorism with the Foreign Policy Research Institute, said new revelations about international cyberattacks are raising awareness of exposure, but insurers will need to be careful in underwriting the risk.
Gallagher Bassett's Hampshire: Reinsurers Embracing Insurtech, AI
Chris Hampshire, assistant vice president, Gallagher Bassett, said reinsurers have been funding technology incubators and learning to apply artificial intelligence to claims and other insurance functions.
Karlinsky: Assignment of Benefits Hurting Florida Insurers' Surplus
Attorney Fred Karlinsky of Greenberg Traurig LLC said higher claims and litigation costs tied to Florida's controversial assignment of benefits system are having an impact on insurers' financial results.
Praedicat's Loughran: Endocrine Disruptors Could Become Risk Exposure
David Loughran, chief economist, Praedicat, said the firm's mining of scientific literature is identifying endocrine-disrupting chemicals as possible long-range health concerns.
Reinsurers Face Range of Issues, Including All-Hazards Events
Attendees said reinsurers face pressures, including a widening range of competitors and market forces. Another wild card is "some sort of all hazards event that could strike a populated place that could be replicable," said presenter Edward Turzanski of the Foreign Policy Research Institute.
St. Joseph's Angelina: Actuary Groups Developing Climate Index
Michael Angelina, executive director, St. Joseph's University Academy of Risk Management and Insurance, said four actuary-focused groups are working together to measure elements of climate that might be changing.
The Institutes' Cook: Today's Evolving Market Demands Continual Learning
Mary Ann Cook, senior vice president, The Institutes, said reinsurers have been at the forefront of learning new skills and adapting to rapid change in the insurance and risk sectors.
Zurich's Horgan: Brokers' Scope of Responsibilities Is Expanding
Paul Horgan, CEO, global corporate North America, Zurich, said the focus for brokers has expanded to include analytics, thought leadership and their ability to make best use of capital.