Top ten attributes of future market leaders – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Top ten attributes of future market leaders

Having a strong brand outside the insurance sector and being politically savvy are among the top ten attributes reinsurance market leaders of the future will likely need.

This according to a new report by PwC Bermuda, entitled ‘Reinsurance 2020: Breaking the mould'.

Drawing on its analysis, the PwC report said that the companies best able to overcome their fiercest competitor and lead the market in the future are going to be marked by certain attributes.

Among them, in summary:

1. They will be global players, but have sufficient local presence in the major markets to ensure that they can access business in each market effectively.

2. They will be known for heir advanced capital and risk modelling and technical excellence in pricing.

3. They will be headquartered and have subsidiaries in tax and regulatory efficient domiciles.

4. They will write both direct and reinsurance business.

5. They will have access to the capital markets, both to originate solutions for basic business, as well as to reload with capital in the face of a large market event that threatens their rating or long term viability.

6. They will use their data, technology and client data to create pricing and risk management advantage for themselves. They will also exploit technology's ability to minimise costs and thus offer more competitive pricing.

7. They will be innovators on products and risk type, providing real time reporting of claims and risk management tools that best meet clients' underlying needs.

8. They will have strong brands within and outside the insurance sector which will help them to access profitable business via a range of distribution channels and capital from a variety of sources.

9 They will focus on the need to manage their asset portfolio and extract maximum returns from this activity consistent with their risk appetite.

10 They will be politically savvy, working with governments and other key stakeholders to offer cover in areas where others may be reluctant to enter.

The PwC report contains greater detail on these attributes.

PwC's new report, Reinsurance 2020: Breaking the mould

You must be Registered or to post comment or to vote.

Published September 26, 2013 at 9:00 am (Updated September 25, 2013 at 7:36 pm)

Top ten attributes of future market leaders

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon