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Risk Thinkers - From Pure Insurance

What the Reinsurance Community Thinks of the Current Risk Landscape

A reinsurance expert's perspective on market conditions and how risk has changed over the years

Ep. 02

05.30.2024

Hear from reinsurance expert Lara Mowery of Guy Carpenter on the conditions that led to 2023’s hard market and where the market is headed now. In this episode, we’ll also touch on how the view of risk has shifted over the years, how we can work to make homes more resilient and how the relationship between reinsurers and insurers is evolving.

  • Chapter One: The State of the Market

    The market conditions in 2022 and prior made 2023 incredibly difficult for many insurers, especially when it came to securing reinsurance. Losses from catastrophe events were pouring in, at the same time interest rates started to move and there was also inflationary pressure. Fast-forward to 2024, we are now seeing some of these factors subside and some insurers are seeing more stability.

  • Chapter Two: How the View of Risk Has Shifted

    In 2023, there was more than $100 billion in insured losses worldwide. In most $100 billion years, there are a few key catastrophe events that drive losses over that threshold—often largescale events like wildfires, hurricanes and earthquakes. However, in 2023 North American events made up approximately 80% of losses worldwide and of those, 80% were due to severe convective storms—events that are relatively small and localized but have increased in frequency in recent years.

  • Chapter Three: How Can We Make Homes More Resilient

    Mitigation is the foundation for a more stable and sustainable insurance landscape. Organizations like the Institute for Business and Home Safety research better building techniques and other mitigation practices for minimizing damage from catastrophe events.

  • Chapter Four: How Are Reinsurers Thinking About Partnerships with Insurers

    Reinsurers are starting to delve deeper into portfolio characteristics and consider how insurers are thinking about their own mitigation strategies. The more interest an insurer gets from reinsurers, the more capacity and competition there is for them to be part of that insurer’s reinsurance program.

  • Bonus Chapter: The Reinsurance Market Post Renewals

    Dave and Lara continue their discussion in the live webinar about reinsurance post-renewals, what a severe hurricane season could mean and take a few questions from the audience.

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Risk Thinkers - From Pure Insurance

Be a fly on the wall as industry experts dive deep in conversation on the risks facing the high net worth market. Each episode will take on a different risk topic and address it from a unique angle, leaving you more informed to better serve your clients.