The reinsurance sector is expected to see significant changes, with demand for catastrophe reinsurance predicted to grow by 15% in 2024. Ferrari highlights the importance of maintaining a client-centric approach amidst these changes, especially with the emergence of new insurance purchasing generations. He also notes the impact of AI in the industry, which is helping insurance companies create better customer experiences, improve decision-making, and innovate their products.
Key takeaways:
- Howden Tiger, a result of a merger between Howden and TigerRisk, is growing rapidly in the insurance and reinsurance markets, with a focus on client-centric approach and innovation.
- Oliver Ferrari, managing director of global programs, emphasizes the importance of balancing innovation with traditional risks, always putting the needs of the client first.
- The reinsurance sector is expected to undergo significant changes, with demand for catastrophe reinsurance predicted to grow by 15% in 2024, driven by increasing costs due to catastrophes.
- Artificial Intelligence (AI) is playing a crucial role in the insurance industry, with 86% of insurance companies improving customer experiences with AI, and 75% of them enhancing decision making and product innovation.