OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode, attendees at the annual reinsurance CPCU Society Reinsurance Symposium at St. Joseph's University, in Philadelphia, PA, said reinsurers face pressures, including a widening range of competitors and market forces in 2017. Click on http://www.ambest.com/v.asp?v=cpcure317 to view the entire program.
“The biggest challenge is that there is a tremendous amount of capacity in the market today and reinsurers have to figure out how to make a good level of return on that level of capacity,” said Paul Horgan, chief executive officer, Zurich’s Global Corporate, North America. “Today, reinsurers have to be able to find the right risks, as well as partner with the right people, as it is an environment where competition is only going to increase moving forward.”
Chris Hampshire, assistant vice president, carrier practice, Gallagher Bassett Services, believes the big issue today for the industry is finding new talent. He said, “25% of the industry is qualified to retire in 2018 and over half the industry in 10 years. The industry has to find the right talent to replace these people.”
Looking forward, Mary Ann Cook, senior vice president of knowledge resources and content development, The Institutes, sees that the only way the industry can keep up with the pace of change is by, “providing the training and education that is required to meet, as well as get ahead of, the demands of the changing market.”
For full coverage of the symposium, visit http://www.ambest.tv.
Other people that appear in this episode:
- Edward Turzanski, co-chairman - center for the study of terrorism, Foreign Policy Research Institute;
- Michael Angelina, executive director, St. Joseph's University Academy of Risk Management and Insurance; and
- Fred Karlinsky, attorney, Greenberg Traurig.
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