RVS 2024 recap: Ahead of renewals / Renewals expectations and anticipations
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Re/insurance industry must adapt to meet new demands and challenges
Traditional risk management models are being tested by unprecedented natural disasters, geopolitical tensions and economic volatility, and with complex and evolving perils more interconnected and severe than ever before, insurers and reinsurers must adapt, according to Howden Re, the reinsurance broking arm of the global insurance intermediary.
Howden Re’s new report, Beyond the horizon: shaping the future of risk, highlights the urgent need for industry collaboration to develop innovative products that properly respond to rapidly changing risk landscapes.
Competing forces are cancelling each other out
In a keynote speech at The Insurer’s Pre-Monte Carlo Forum, Howden CEO David Howden outlined the critical implications of the shift in loss burden, largely in relation to secondary perils, that took place at 1.1.23 as reinsurers raised their retentions.