Christian Mumenthaler, Chief Executive Officer of the world's largest reinsurance company Swiss Re, joined us this month, to discuss how his company has fared since the pandemic, the state of the market and what his outlook and priorities are for 2021.
Mumenthaler discussed a wide range of topics, from the current status of Swiss Re as it deals with claims from the Covid-19 pandemic, to reinsurance renewal expectations, use of insurance-linked securities (ILS) and alternative capital, innovation, technology, the protection gap, as well as an outlook for 2021 and beyond.
"Our outlook is optimistic. With everything that's happened, I think the industry is obviously moving," Mumenthaler explained.
Adding that, on rates across insurance and reinsurance, "More is needed for the industry to be sustainable and I think everybody understands that."
"We're optimistic, we're extremely well-capitalised.
"Still, quality will matter right? I'm not saying this is a great opportunity to grow like hell. I think the whole industry needs to focus on quality," he continued.
On use of alternative reinsurance capital Mumenthaler said, "I always believed that the capital market will play an important role in closing this protection gap.
"I think it's here to stay, in the Nat Cat field, in some of these peak risks. I think it will play a bigger and bigger role."
Artemis Live - Insurance-linked securities (ILS), catastrophe bonds (cat bonds), reinsurance