Professional services firm Aon’s Andy Marcell emphasises that as the industry approaches the June and July renewals, the significance of reinsurer relationships are “more important than ever”.
Reinsurers have become increasingly discerning in their risk selection due to notable losses from catastrophes, modest investment returns, and the impact of inflationary pressures.
This cautious approach has led to a rise in the cost of capacity and, in certain instances, a scarcity of available options, Marcell noted.
This renewal presents a favourable opportunity for us to strengthen existing partnerships and forge new ones.
It is particularly crucial as we enhance access to capital sources and advocate for our insurer clients, enabling them to make informed decisions and enhance their renewal outcomes.
“Our clients need to feel their businesses are understood, and that their areas of differentiation are recognised by their trading partners.”
Reinsurers are dedicating significant efforts to showcase their value and assume leadership roles within the market.
As an industry, we must collaborate to foster risk-taking and sustain our global significance, fulfilling the expectations of both shareholders and customers, Marcell concluded.
