9 // THE DISASTER GAP: HOW INSURERS AND THE CAPITAL MARKETS CAN HARNESS BIG DATA TO CLOSE THE GAP


Many experts feel it will take time for the industry to adjust to the impact of the new capital. Artemis founder Steve Evans thinks the industry is on the cusp of significant change. “My gut feel is that we are in the beginnings of a fairly major structural change for the reinsurance market and we’re just seeing some of the very early stages of it now. Traditional reinsurers are feeling the pressure from it now, which is why we’re seeing much more coverage of it and seeing much more noise around it.”


It is also apparent that the line between the traditional reinsurance industry and the ILS sector is increasingly blurred.


“Convergence capital is here to stay,” says BNY Mellon’s Emma Wilkes. “Insurers and reinsurers must accept this and move on, only then will they truly challenge their operating models. Properly embraced, convergence capital has the potential to drive up insurance penetration globally.”


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