Global reinsurer PartnerRe sees a bright future for reinsurance companies that can increase their relevance in an evolving risk landscape, according to the firm’s President and Chief Executive Officer (CEO), Emmanuel Clarke and CEO of P&C, Charles Goldie.
Speaking at the Monte Carlo Reinsurance Rendez-vous 2018, the pair underlined the importance of reinsurers as the ultimate risk bearers.
Clarke said that despite the challenges facing the marketplace, the future is bright for reinsurers, especially those that can increase their relevance in a riskier world where demand for volatility protection is on the rise.
In recent years, explained Clarke, large insurance companies have shifted from utilising reinsurance purely for capital management purposes, towards reinsurance products for both capital management as well as volatility control.
“Reinsurers need to become experts at sourcing and matching capital. We believe using all forms of capital to improve our product offering for clients is the right thing to do,” said Goldie.
He continued to note that in order to lower the overall cost of capital for clients, reinsurers must be able to match capital.
“Our insurance clients want to work with reinsurance partners that have a vested interest in helping them to grow and develop their businesses, support their most confidential initiatives and that can provide capacity after large or unexpected events,” added Goldie.