As another edition of Baden Baden Reinsurance Meeting closes its gates, the re/insurance world had its eyes on the German town, where the current trends and future expectations of the industry are being the focal points of the discussions.
- Sava Re, located in Slovenia, plans to acquire primary insurers from the region, in order to diversify its business, as the reinsurance industry remains challenging, according to Intelligent Insurer. Sava Re already owns 10 insurance companies - two in Slovenia, two in Serbia, two in Kosovo, two in Croatia and one in Montenegro and Macedonia
- Hannover Re is focusing on existing clients rather than developing new relationships in the current market solutions. In this respect, Michael Pickel, Member of the Executive Board, underlined for Insurance Day, the importance of expanding the footprint with existing clients rather than enter new relations.
- The efforts to diminish the protection gap are hold back by the lack of confidence of the public sector in the reinsurance industry. The reinsurance industry must amplify the efforts to help the public sector better understand the protection gap and to think differently about financing catastrophe risks", Martyn Parker, chairman of global partnerships at Swiss Re, stated to Insurance Day.
- Protectionist re/insurance restrictions are creating barriers to economic growth and are increasing the concentration of risks, warned Insurance Europe at the Baden-Baden Meeting 2016, quoted by Insurance Day.
- The growing use of technology to collect data and improve risk assessment will transfer business from retail insurers to commercial insurance providers. This will be a process that will bring benefits reinsurers, according to MAPFRE.
"The trend towards driving assistance and autonomous driving is shifting the liability from the individual driver or owner of the car towards vehicle and technology manufacturers or fleet managers such as Uber, benefiting commercial insurers", Josep Celaya, Chief Innovation Officer of MAPFRE, said during the Baden-Baden Meeting 2016.
- ZURICH Insurance
will continue to push for eficiency in its reinsurance programme by combining
parts of its two major placements globally, in a move that will be in the
benefit of its core reinsurance partners at the cost of some smaller players,
Markus MEIER, Head of Reinsurance Management at ZURICH Insurance Company, according
to Intelligent Insurer.
- Digitalisation and new technologies mean that far greater volumes of data are becoming available for evaluation within a much shorter time frame. Data analysis can be used to examine client portfolios to reveal trends, improve processes, optimise holdings, and provide targeted support to sales. The more global and comprehensive the data basis, the more valuable the data will be. The new dimensions of data and their analysis require some competences that not all insurance companies have. New competitors may be able to analyse data sets more quickly and apply the results in new applications - thus placing traditional insurers under pressure.
So there is also a strategic dimension to big data. "The most important aspects are the will and ability to invest in sufficient resources and work together with the right partners", explained Ludger ARNOLDUSSEN, member of the Board of Management of Munich Re, at the Baden-Baden Meeting 2016.