Reinsurers face "structural crisis": Munich Re Canada
Saturday, 06 20 2015, Category: Insurance and Reinsurance, Country: World
The reinsurance industry must overcome the current state of “structural crisis” in order to remain relevant, Philipp Wassenberg, president and CEO of Munich Reinsurance Company of Canada, said during a Property Casualty Underwriters Club luncheon and panel discussion held in downtown Toronto Tuesday.
To date, a lot of insurers and reinsurers still release the reserves from good years
“From a reinsurance perspective, but this drives into the insurance perspective as well, we are in a state of structural crisis and we have to overcome this crisis in order to stay relevant,” Wassenberg argued. On a more positive note, though, he told attendees that the reinsurance industry is “aware of being in a crisis. It is not running blindly like the lemmings over the cliff.”
Source: Canadian Underwriter