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Ten Ways the Insurance Industry has Changed

Ten Ways the Insurance Industry has Changed. ORIMS March 29 th , 2007 Mike Wills. Ten Ways the Insurance Industry has Changed. Bermuda Market. Hot market with various new products that provide an alternative to the London market. Ten Ways the Insurance Industry has Changed. Bermuda Market

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Ten Ways the Insurance Industry has Changed

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  1. Ten Ways the Insurance Industry has Changed ORIMS March 29th, 2007 Mike Wills

  2. Ten Ways the Insurance Industry has Changed • Bermuda Market Hot market with various new products that provide an alternative to the London market

  3. Ten Ways the Insurance Industry has Changed • Bermuda Market • Natural Disasters Cat losses are increasing, and with a shortage of capacity, customers will look for alternative risk transfer solutions, and pay more attention to Risk Management

  4. Ten Ways the Insurance Industry has Changed • Bermuda Market • Natural Disasters • Reserve Deficiencies Historically this has cost more than cat losses, and with risk becoming more unpredictable, this could become our next big cat loss

  5. Ten Ways the Insurance Industry has Changed • Bermuda Market • Natural Disasters • Reserve Deficiencies • Reputation We have damaged our reputation in recent years, and we need to better connect with our customers to improve this

  6. Ten Ways the Insurance Industry has Changed • Bermuda Market • Natural Disasters • Reserve Deficiencies • Reputation • Instability The ‘boom or bust’ market cycles have created an industry that has made it difficult to predict pricing, coverage and financial security

  7. Ten Ways the Insurance Industry has Changed • Bermuda Market • Natural Disasters • Reserve Deficiencies • Reputation • Instability • Globalization Increased globalization in our world has given our investors more choice for their investments, creating more challenges as well as opportunity for our industry

  8. Ten Ways the Insurance Industry has Changed • Bermuda Market • Natural Disasters • Reserve Deficiencies • Reputation • Instability • Globalization • Risk Management With the challenges in the insurance market and risks becoming more complex, there is a greater need for our customers to implement risk management practices

  9. Ten Ways the Insurance Industry has Changed • Bermuda Market • Natural Disasters • Reserve Deficiencies • Reputation • Instability • Globalization • Risk Management • Society Our society has become more demanding, resulting in commoditization of our industry and our need to become more innovative on product and service. At the same time we are faced with a shortage of expertise

  10. Ten Ways the Insurance Industry has Changed • Bermuda Market • Natural Disasters • Reserve Deficiencies • Reputation • Instability • Globalization • Risk Management • Society • Distribution The distribution of our products has become multi-channel and global in nature, resulting in our need to become more cost efficient and ‘value-added’

  11. Ten Ways the Insurance Industry has Changed • Bermuda Market • Natural Disasters • Reserve Deficiencies • Reputation • Instability • Globalization • Risk Management • Society • Distribution • Diversification With all the challenges in the industry, insurers are looking to diversify their books of business which allows for balancing of overall results

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