A.M. BestTV at MORO: Mutuals on Reinsurance Rates: What Can't Be Sustained, Won't Be, Says Expert Panel
April 25 2018 - 12:46PM
Business Wire
In this A.M.BestTV episode at the Meeting of Reinsurance
Officials (MORO) conference in Montreal, a panel of insurers,
reinsurers and brokers said 2017's catastrophes brought temporary
uncertainty to the market, but there's been little slowdown in
reinsurers' pricing wars. Click on
http://www.ambest.com/v.asp?v=moro1418 to view the entire
program.
A conference-related survey found that a consensus believes the
reinsurance market is unsustainable, while 62% of attendees said
that they would rather be a buyer of reinsurance than a
provider.
“When I first saw that figure, I was surprised since I
definitely did not feel that way during the last renewal season,
based on the worldwide catastrophes of 2017,” said Apundeep Lamba,
vice president, corporate actuarial & reinsurance services,
The Co-operators. “However, as the uncertainty reduced, it
became apparent that the capacity was just as available as it had
been prior to 2017. Consequently, the events of 2017 did not really
reduce the overall capacity.”
Andreas Beckmann, chief underwriting officer and director, R+V
Versicherung AG, believes that pricing should be higher than what
it is presently. However, with the present state of the market, he
said he realizes that, “As reinsurers, our job is to find solutions
that will enable us to put a portfolio together … so that at the
end of the day, we have something that will give us a little bit of
a profit.”
Other people that appear in this episode:
- Gregg Lockhart, director, reinsurance
operations, Shelter Mutual Insurance Company; and
- Anthony Phillips, chairman, Latin
America and the Caribbean, Willis Re.
For full video coverage of MORO, including exclusive executive
interviews, visit http://www.ambest.tv/moro18.
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A.M. BestLee McDonald, +1-908-439-2200, ext.
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Serviceslee.mcdonald@ambest.com