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WEDNESDAY 10.31.12


Innovation and creativity are back Cedants increasingly demand a more bespoke, personal and innovate service from their reinsurance broker, says Linda Johnson, partner at TigerRisk.


he days of reinsurance brokers offering        


over, with insurers increasingly seeking a more bespoke service designed to match their ever more complex and unique needs. That is the view of Linda Johnson, partner


at reinsurance broker TigerRisk, the company  Rod Fox and Jim Stanard. Johnson says many of the clients she speaks to increasingly want a ser- vice that offers them unique solutions combined with constant innovation from their broker and a close relationship from their reinsurer. “Over time, the bigger brokerage houses


have gobbled up the smaller players. It has cre- ated a very different landscape and changed  be many specialised boutiques in the market with many specialisations, allowing cedants an array of innovative solutions depending on what they required.  been lost and innovation has very much been


  Johnson previously worked for one of the big-


- creasingly taken up with bureaucracy instead of working directly with clients to solve their prob-        The contrast at TigerRisk could not be


starker, says Johnson. Although the firm has a very experienced team, individuals have the freedom to work for clients and share ideas, with only the client’s long term needs and goals to worry about. “Everyone works as one team and we have


Linda Johnson, TigerRisk Collaboration needed on weather risks


As the industry assesses the impact of Hurricane Sandy, a Munich Re study  “The purpose of the study is to provide a


of the annual PCI conference takes on even Severe weather in North America, the report provides a comprehensive overview of weather hazards and risks in North America and how they have changed over time. Some of the study’s conclusions are startling. North America has seen the largest increase in weather-related loss events of any continent in the world, for example. It states that the intensity and frequency of events are both increasing and  for mitigation and adaptation.


A


s Hurricane Sandy causes havoc on the East Coast of the US, a recent study published by Munich Re ahead


 Vasturia, president of regional clients in the rein- surance division of Munich Reinsurance Amer- ica. “It is a thought leadership position from Munich Re not related to any current renew- als but designed to make the industry consider things long term. Munich Re has one of the most comprehensive databases of natural catastrophic  The report does not shy away from some dif-


 - tastrophes that have hit the continent in recent years, many of which were not anticipated by the insurance and reinsurance industries. And it


4 | INTELLIGENT INSURER —PCIAA TODAY | Wednesday October 31 2012


says more work is needed to get on top of these threats.


“It seems we are always behind the curve, as


the volatility of weather risks continues to in-  referring to the way in which models failed to predict the severity of certain events. “What these models did not anticipate was the socio- economic developments, which is the most sig-  The study recommends an alliance be formed


between homeowners, businesses, scientists and researchers, state and federal governments and the insurance industry to prevent and mitigate the results of such extraordinary events. 


www.intelligentinsurer.com


created some of the best products I have seen  more, the reinsurers appreciate that too. It is a great situation to be in and I believe more and more cedants and reinsurers will want to turn to the type of skill set and level of service we 


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