After a prolonged soft market, reinsurance prices are continuing to harden into 2020 against a backdrop of a global pandemic.
Among the near term challenges are the impact of claims - including those relating to the COVID-crisis - a tightening of terms and conditions, rising retro pricing, volatility in the capital markets, capital raising, an ongoing technological impetus and of course, pressure to innovate and remain relevant.
This study will survey top decision-makers at the world’s leading international commercial re/insurers and brokers, to examine how global reinsurers are riding the cycle, the likely impact of COVID and other losses, how capital may seek to enter the industry and whether automation has been accelerated by lockdown restrictions.
With the mega tie-up between Willis and Aon underway, we will consider the ever-evolving role of the broker and ask how cedants are responding to what many are calling the first truly hard market since 9/11.
While rate rises are offering some welcome relief to market participants, they are starting from a low baseline and the industry has not seen significant capital impairment or reduction in capacity. So how can reinsurers best compete, reap the benefits of the market correction and what, ultimately, does success look like?
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