The global reinsurance industry is undoubtedly a vital part of the risk value chain, but it needs to go back to basics and avoid the mistakes of the last five to 10 years, according to industry experts.
Speaking yesterday on the final panel of the opening day of ILS Bermuda’s 2022 Convergence conference, experts and executives from across the insurance, reinsurance, and insurance-linked securities (ILS) sectors discussed the role of reinsurers.
“The reason we need reinsurance is because there is a set pattern for different roles along the risk value chain, and the value of reinsurers is they help diversify volatility,” explained Albert Benchimol, President and Chief Executive Officer (CEO) of AXIS Capital. “I think that the absence of the reinsurance industry would cause a significant amount of hardship along the curve.”
