Rendez-vous de Septembre: Swiss Re: Change in the re/insurance industry is accelerating
Swiss Re expects further rate increases for loss-affected and underperforming businesses and broadly stable rates in other areas, amid continued capital abundance in the reinsurance market. To ensure a long-term sustainable reinsurance market, further rate increases are needed. The hurricane season that is now upon us highlights the importance of having prices that adequately reflect the risks.
At the moment, the capacity is situated at about 400 billion USD, increasing significantly from 15 years ago, when it was of 150 billion USD.
Fast-paced change creates challenges and opportunities for the industry, which is facing growing and ever-more complex risks, a wealth of data and a highly competitive market.
Swiss Re’s CEO Reinsurance Moses OJEISEKHOBA said:
“The industry is changing for a variety of reasons. We are confident that, with our continued focus on the needs of our clients, the scale and diversification of our business, and our risk knowledge and R&D capabilities, we are in the right strategic position to address change proactively.”