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CEO FORUM: Orlich on future of reinsurance
07 May 2010
Despite coming through the financial crisis in relatively good shape, reinsurers must adapt to the changing needs of insurers and insurance buyers to remain relevant, says Robert Orlich, president and CEO of Transatlantic Re.
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Transatlantic Re
Robert Orlich
Reinsurers exist because the future is uncertain. That hasn’t changed, but better solutions are always being developed. Just as the Stone Age did not end due to a lack of stones, so reinsurers must continuously question their role if they are to remain vital to their clients. What questions should we be asking?
People talk about a global insurance industry as if it were one entity, but is it that simple?
The insurance industry is a leverage play on economic development – mature where economies are mature (revenues track GDP growth figures) but growing faster where economies are growing (a combination of increased purchasing power and investment income from reserves). With the US, Europe and Japan currently representing approximately three quarters of global premiums, insurance is a mature industry with some growth prospects.
The industry has for-profit and not-for-profit participants, who are highly but fragmentally regulated. In many...
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