This article from The Insurer discusses key points raised during Partnering Through Crises, Shocks and Cycles, the Guy Carpenter Reinsurance Symposium presented at the annual Baden-Baden Reinsurance Meeting.
Guy Carpenter's Laurent Rousseau, CEO, EMEA and Global Capital Solutions, said that the reinsurance industry should not focus just on price during renewal discussions but rather should emphasize the sector’s value proposition.
“Something very close to my heart is the difference between price and value. As insurers, reinsurers and brokers, we focus on the price of risk,” Laurent said. “Very often, we tend to lose the bigger picture. What is the value that we bring to society? Take education, health, identity—in the name of those values, a number of economic stakeholders are ready to step up and accept some risk at the economic price. I just hope that in Baden-Baden we will have good negotiations.”
Laurent also said that he “does not buy into the idea” that uncertainty has never been so high, although he did acknowledge that there are new risks in the form of artificial intelligence and annual natural catastrophe losses regularly exceeding USD 100 billion.
A similar article appeared in Insurance Business. Guy Carpenter’s press release on the symposium can be found here.