Markel Intl CUO Nick Line at #Lmc2023 says talking about insurance rates moving up or down is “the wrong question. We should be asking are you getting adequate rates?”
Comparing cat risk to cyber ILS risk there are pros and cons, says HSCMs Millette: "If you have a cyber hurricane heading for the coast you can stop it" #LondonILS23
Our C suite hard market panel at today's #LondonILS23 suggested falling cat bond rates are not a leading indicator for broader cat #reinsurance market - even if they did express some variance on how attractive the hard market is!
Lloyd's CFO Keese says era of good returns can last with discipline. Agile PMD management and rate discipline "not only important for us at Lloyd's but for investors" #LondonILS23
PRA/BoE insurance exec urges ILS industry to get involved and test out new reforms to UK ILS regime: "We need to see some deals to demonstrate what is possible" #LondonILS23
Reinsurers "running away from nat cat but...running into cyber" need to be aware of similar pitfalls including potential for modelling surprises: specialty panel at #BermudaRiskSummit
"It will take more than one 1 Jan hard market to bring capital back" to reinsurance given prior 4-5 "middling years" : Adam Champion, Inver Re at #BermudaRiskSummit
Key theme for third party capital in 2023 is looking for "cat like but not cat" reinsurance risks, expanding into other lines, says panel at #BermudaRiskSummit
Howden's O'Connor@ #LMC2022: we need to reframe (market difficulties) and think of it as a time of great opportunity. London "should bet on itself" to innovate
Hosted some high-energy InsurTech panels at #LMC2022 this afternoon on innovation and algorithmic underwriting...the "algo" chat reassured people that the "robots aren't coming for their jobs". But innovation panel were out to overturn the London market's dress code!
Convex deputy CEO Brand says reinsurers must not approach hard market with idea of making out "like bandits" on rate but use it as an opportunity to make changes and cut costs #LMC2022
Lloyd's CEO Neal says the job just got a lot more interesting with the opportunity to manage syndicates seeking profitable growth. Tells underwriters "I'm jealous" #LMC2022
Denexus asked at #TRNY2022 how ILS firms can get comfortable with cyber models: "it requires specificity on the type of risk you're taking". Different flavours of cyber risk akin to comparing quake or wind: both cat perils but different
Aeolus's Dailey defends wide ranges of #ian modelled losses as reflecting high range of uncertainty, helpful to know extreme outlier possibilities. Pushback because "uncertainty does not feel good"#TRNY2022