“ This high level of uncertainty demands vigilance in underwriting and resilience in assuming risk. This means that you must stick to what you know.”


GEN RE NET INCOME 2000


1500


GEN RE COMBINED RATIO 100


91.3% 80 60 1000 40 500 20 0 2006 2007 2008 2009 2010 0 2006 2007 2008 2009 2010 90.9% 94.3% 91.8% 92.1%


GEN RE PREMIUMS EARNED


1000 2000 3000 4000 5000 6000 7000 8000


0 2006


Property / Casualty 2007


2008 Life / Health


This disruptive uncertainty has been compounded by an exceptionally difficult first half of the year in terms of the frequency of catastrophe


14 | INTELLIGENT INSURER | November 2011 2009 2010


There are no easy solutions to these challenges. The only option the industry has is to get back to doing what it does best and trying to do it better than ever—assuming risk at fair prices and being vigilant and responsible when doing so.


That is the view of Tad Montross, chief executive of Gen Re, who $2,364 $2,462 $2,579 $2,626 $2,714


argues that while inadequate rates and poor investment returns make this


disciplined strategy important to the industry, the uncertainty


underpinning so many other areas of the market make it vital. “The uncertainty about the health of the global economy, unprecedented


$3,711 $3,614 $3,435 $3,203 $2,979


volatility in financial markets around the world and a fundamental rethink about what is a ‘risk-free rate’ based on the sovereign debt issues in so many countries, all create numerous challenges on the asset side of the balance sheet,” he says.


“This high level of uncertainty demands vigilance in underwriting and


resilience in assuming risk. This means that you must stick to what you know. For Gen Re, we continue to focus on understanding our clients’ needs, being responsive and managing the risks we assume prudently.”


MILLIONS


MILLIONS


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