The David Rubenstein Show
Thomas Buberl
Mar 14, 2024
Thomas Buberl, CEO of AXA, shares insights on the dynamic insurance landscape shaped by science and technology. He discusses the importance of effective underwriting and investment strategies, especially in light of climate change. Buberl highlights the growing interest of young professionals in the industry, driven by societal impacts and AI opportunities. He also tackles the economic disparities between the U.S. and Europe, emphasizing the repercussions of geopolitical risks and how technology transforms risk assessment in insurance.
23:18
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Quick takeaways
- Thomas Buberl emphasizes the vital role of historical data and scientific collaboration in managing emerging risks like climate change within the insurance sector.
- In a climate of high inflation and interest rates, insurance companies must adapt their investment strategies to optimize returns while managing geopolitical risks.
Deep dives
Understanding the Insurance Business Model
The main function of an insurance company is to underwrite risk, collecting premiums and investing those funds to generate profit while being prepared to pay claims when necessary. It is crucial for insurers to manage underwriting wisely, ensuring that they not only cover their operational costs but also deliver returns to shareholders. Historical data plays a significant role in pricing premiums, particularly in sectors experiencing emerging risks, such as property insurance where new threats like cyber or climate risks are rising. This balanced approach between understanding past data and assessing future liabilities is central to sustaining profitability in the insurance market.
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