David Priebe, Chairman, Guy Carpenter, highlights how, while the industry is facing a range of new risks in 2021, it is presented with new opportunities.
“The (re)insurance sector has a strong track record of responding at periods of change and I think putting the capital to work to create new coverages to meet that evolving demand will be crucial for our long-term relevance,” said Priebe.
He also anticipates this “heightened view of risk” will prompt buyers of reinsurance to purchase more coverage in order to protect balance sheets and future earnings against elevated losses.
David Priebe’s insights are part of a video conversation with The Insurer where he highlights the key industry themes for 2021: development of COVID-19 losses and settlement of claims, consistency around communicable disease and cyber wordings and exclusions, climate change impact, protection gap assessments and solutions, capital and technology.