The insurance and reinsurance industry is about confidence giving, providing financial protection, and establishing public and private partnerships, according to John Neal, Chief Executive Officer (CEO) of the specialist Lloyd’s insurance and reinsurance marketplace.
Neal’s comments stem from the recent SCOR Live Sessions – The (re)insurer of tomorrow, webinar, which also featured the French reinsurer’s CEO, Thierry Léger, and Françoise Gilles, Chief Risk Officer, AXA.
During the event, the three highly experienced re/insurance industry executives explored the challenges and opportunities for insurance and reinsurance companies in an ever complex and changing world.
Each of the executives were asked what it means to be a re/insurer of the future.
Speaking first, Neal said: “I think insurance and reinsurance is about confidence giving, ultimately is giving financial protection to the P&L balance sheet of the customer. So, we’ve got to be satisfied we can explain the value of transferring risk to us.
“A second area, and it’s a stat that always blows me away really, a quarter of the money in financial services in the world is with insurance, that’s $30 trillion. So, we’ve actually got the asset to be able to invest that in change or transition, which I think is really important.”
Neal also highlighted the importance of public and private partnerships.
“With the change of governments they need to have the confidence to invest longer term in where we want the world to be. We could actually back the government up by giving them the financial support against other budgets, should they get interrupted by the next industrial disease or something else.”
Next to comment was Gilles, who said: “At AXA we believe that the future should not be a risk. So, in order to get there we need prevention and partnership.
“Partnership, because we cannot do that alone, be it the government, be it a reinsurer, be it an insurer, we need to partner to that, and we need to prevent the risks such that we keep the world as insurable as possible.”
Lastly, Léger added his thoughts: “With SCOR as a reinsurer, we would like to work hand in hand with our clients to offer solutions to their clients. Certainly for SCOR, I have the ambition for it to be a place people really love to work at.
“A place that is really helping to make the world more resilient, where you can work on global problems with great people, and therefore offering really attractive workplaces.”
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