Skip to main content

A.M. BestTV at MORO: Mutuals on Reinsurance Rates: What Can't Be Sustained, Won't Be, Says Expert Panel

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.

Recent episodes of A.M.BestTV include:

  • St. Joseph’s Students Succeed in Competition by Focusing on Uninsured Risk: Tango Consulting, a project organized by insurance students at St. Joseph’s University in Philadelphia, PA, developed its coverage strategy using a non-traditional risk analysis technique: http://www.ambest.com/v.asp?v=rims8418.
  • It’s Not Having a Policy That Matters, Rather It’s How You Respond, Says Employment Liability Panel: Experts on employment practices liability said the spate of high-profile sexual harassment allegations is driving interest among organizations seeking to protect themselves against claims, which have been rising in severity: http://www.ambest.com/v.asp?v=rims7418.
  • Keeping Up With Regulations Remains Biggest Challenge, Say Captive Regulators: Captive representatives from Vermont, Bermuda and the Cayman Islands say the pace and breadth of rules and changes, internationally and domestically, have added to the work of overseeing large and growing captive populations: http://www.ambest.com/v.asp?v=rims6418.
  • Coverage for On-Site Violence Is ‘Business as Unusual,’ Says Risk Panel on Active Shooter Incidents: Insurers and risk experts say demand for coverage against the costs of active shooters and similar incidents are rising: http://www.ambest.com/v.asp?v=rims2418.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts:

A.M. Best
Lee McDonald, +1-908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.