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Howden Re’s new report, Beyond the horizon: shaping the future of risk, highlights the urgent need for industry collaboration to develop innovative products that properly respond to rapidly changing risk landscapes.<\/p>\nTraditional risk management models are being tested by unprecedented natural disasters, geopolitical tensions and economic volatility, and with complex and evolving perils more interconnected and severe than ever before, insurers and reinsurers must adapt, according to Howden Re, the reinsurance broking arm of the global insurance intermediary.<\/p>\n
Howden Re’s new report, Beyond the horizon: shaping the future of risk, highlights the urgent need for industry collaboration to develop innovative products that properly respond to rapidly changing risk landscapes.<\/p>\n
With climate change contributing to more frequent and severe adverse weather events, ongoing wars in numerous parts of the world, and continued economic volatility, the report focuses on evolving and increasingly complex and interconnected perils.<\/p>\n
“Traditional risk management models are being tested and the industry must adapt to meet these new demands and challenges,” states Howden Re.<\/p>\n
According to the report, rising nat cat losses in Europe, emerging geopolitical risks, and casualty concerns are three core areas reshaping the re\/insurance sector, and as such require immediate attention.<\/p>\n
In Europe, recent flood and hail events, notably in Italy, significantly added to insured losses, and the report argues that events like this underscore the need for the sector to develop tailored products and solutions that address all perils, both peak and so-called secondary.<\/p>\n
The report also notes the rise in strike, riot and civil commotion (SRCC) events, as well as political violence, both of which are becoming more frequent and severe.<\/p>\n
Regarding casualty, a hot topic for insurers and reinsurers in 2024, Howden Re emphasises that these issues require the industry to rethink traditional reserving strategies, and to adopt more granular approaches to manage long-tail exposures.<\/p>\n
“The landscape of risk is changing at an unprecedented pace, and so too must our industry evolve alongside it. At Howden Re, we are committed to championing the development of innovative solutions and believe that collaboration across the industry is essential. We are dedicated to bringing together the best minds from brokers, reinsurers and capital providers to ensure that we are all prepared for the future and delivering the risk resilience so needed in today\u2019s world,” said Massimo Reina, CEO, Howden Re, International.<\/p>\n
“The risks we are encountering today are more interconnected and severe than ever before, requiring new ways of approaching risk management. Bespoke solutions are needed, tailored to the unique challenges faced by different regions and lines of business worldwide,” added David Flandro, Head of Industry Analysis and Strategic Advisory at Howden Re.<\/p>\n
Importantly, the report also offers a forward-looking perspective on where the industry is going, suggesting that the insurance and reinsurance markets of the future will have a greater emphasis on resilience, adaptability, and innovation. It also provides comprehensive proposals for new solutions designed specifically for certain risks.<\/p>\n
“At Howden Re, we believe that the future of risk management lies in our ability to innovate and collaborate. We are dedicated to working with our partners to ensure that the (re)insurance industry not only survives but thrives in this new era,” concluded Reina.<\/p>\n
The post Re\/insurance industry must adapt to meet new demands and challenges: Howden Re<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Traditional risk management models are being tested by unprecedented natural disasters, geopolitical tensions and economic volatility, and with complex and evolving perils more interconnected and severe than ever before, insurers and reinsurers must adapt, according to Howden Re, the reinsurance broking arm of the global insurance intermediary. Howden Re’s new report, Beyond the horizon: shaping […]<\/p>\n","protected":false},"author":1,"featured_media":1618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/1616"}],"collection":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/comments?post=1616"}],"version-history":[{"count":2,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/1616\/revisions"}],"predecessor-version":[{"id":1619,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/1616\/revisions\/1619"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media\/1618"}],"wp:attachment":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media?parent=1616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/categories?post=1616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/tags?post=1616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}