Starting in late April, the Reactions team in New York has been busy travelling covering a whole host of events.
It all began with the Risk and Insurance Management Society’s, or Rims, annual conference which this year was held in Philadelphia. Famous for its rich history, and for being both the home of Rocky Balboa and cheese steaks, Philadelphia welcomed some 5,000 insurance professionals under what were grey and damp skies for discussions and debates on the latest threats facing risk managers.
Just a couple of weeks later, and it was the turn of the Reactions and Euromoney Seminars jointly hosted Latin America Insurance & Reinsurance Forum in Miami (you can read more about this, as well as the awards dinner that was held afterwards, later in the magazine).
That was followed by the Reactions North America Insurance Asset Management Conference and the Alternative Capital in Re/Insurance Conference in the middle of May.
Obviously these events all covered a wide-ranging number of topics, but one theme held true across all of them – that the established status quo is changing.
At the Rims conference, talks continued to centre on the impact of cyber-attacks and hacking, while risk managers remain concerned about business interruption (BI) impacts. These BI issues could arise from all manner of incidents, for example terrorism, natural catastrophe or the aforementioned cyber-attacks. Regardless of what the cause is, BI is still an issue, and one the re/insurance industry is seemingly having a hard time getting a handle on, especially because the peril is a constantly evolving one.
Turning to Miami and our Latin America conference, again there was an overarching sense that the established status quo has been changing and will continue to do so. One notable example of this can be seen in the changing face of the market. A decade ago and many in the market would have presumed that the international players dipping their toe in the region would push on and eventually dominate.
That has happened to a certain degree, with firms such as Chubb, Liberty Mutual, Allianz and Mapfre all continuing to enjoy success in the region, but other international players, for example AIG and RSA, have sold up some or all of their operations allowing some of the regional companies to strengthen their own businesses at the expense of their more global rivals.
During the Asset Management Conference, delegates heard what new opportunities were becomingly increasingly available (although obviously there is only so far chief investment officers can stray away from some of their more tried and tested investments!).
And that was followed by comments from Mike Millette at our AltCap event in which he detailed how his firm Hudson Structured Capital Management had been working with companies and investors to broaden the insurance linked securities base away from natural catastrophes and into other areas in need of support such as cyber and auto, amongst others.
What does this mean then? Well, it’s said frequently enough, but perhaps this time it really is true – the market is undergoing considerable disruption at present, with numerous forces all pulling in different directions. Ultimately, the companies that are able to take advantage of this disruption will be those that keep an open mind and do not try to maintain the status quo. The fear is if that happens, then insurtech, cyber liability, and all manner of other opportunities may pass them by.
Reactions 2017 North America Awards
Preparations are now well under way for this year’s Reactions North America Awards and we are pleased to announce that nominations and voting are now open!
The winners of this year’s awards will be announced during a glamourous black tie dinner at New York’s Cipriani 25 Broadway on the evening of Thursday, September 28.
The winners of our service provider section, for example law firms and risk modelers, will be decided by a public vote and you can have your say on that by visiting bit.ly/2qcKwyO
For more information, then please do not hesitate to get in touch – firstname.lastname@example.org