News
The risk of commoditisation is an ever- present challenge—how are we as an
industry to make sure that we are responding to the demands from our customers. Gen Re is working hard to improve our capabilities in order to help our customers meet this challenge.” Insurers and reinsurers both need to drasti-
the fact that the industry fared well and has contin- ued to deliver on its promises to its various constitu- encies, it faces a great potential increase in oversight and reporting, according to Tooker. “A very small portion of any of this proposed
22.10.12 MONDAY
Underwriting performance must improve “
cally improve their underwriting performance in order to offset the dismal investment returns that they are experiencing. This is the opinion of Mo Tooker, global head of property and ca- sualty treaty business at Gen Re. Tooker believes that the impact of poor in-
vestment yields is by far the most important issue facing reinsurers and insurers. Both will be able to meet their return on equity targets only by generating more returns from their underwriting books. “But the pricing levels on many lines of business make this a challenge,” he adds. Another challenge facing the industry is the in-
crease in regulatory oversight that has materialised
oversight will result in an improvement in the way we manage risk in our companies,” he says. Other challenges include the use of data and
risk models. The unprecedented amount of data the industry now has to process poses a challenge in terms of how companies gather, store and interpret those data. However, this also allows the industry to create more sophisticated models that will enhance its ability to interpret them accurately. “Big data’ creates ‘big models’ that require ‘big judgement’. We believe that we have much to offer to our cedants as they address this ‘big challenge’,” says Tooker. The Baden-Baden meeting provides reinsurers with the opportunity to understand better the pres- sures and challenges facing their customers. This in-depth knowledge allows Gen Re to appropriate-
Mo Tooker, Gen Re
ly tailor responses, says Tooker. “There are always voices pushing the market in one direction or an- other but we are intent on viewing and pricing each customer’s portfolio on its own merits,” he says. “The risk of commoditisation is an ever-
present challenge—how are we as an industry to make sure that we are responding to the demands from our customers. Gen Re is work- ing hard to improve our capabilities in order to help our customers meet this challenge.”
your business needs.
VIG RE zajišťovna, a.s.
www.intelligentinsurer.com Monday October 22 2012 | INTELLIGENT INSURER —BADEN-BADEN TODAY | 15
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