JLT Re feels well placed for changes in market

JLT Re is excited about its position in the industry and is investing heavily in its business, especially with all the activity in the hurricane season, according to global CEO Mike Reynolds.

He said that JLT Re has a solid client base that relies on the company, especially for things such as risk modelling.

He also stressed that JLT Re was making sure that clients had all the backup they needed in terms of reacting to the damage caused by Hurricane Irma.

“JLT Re feels that this is a time for the reinsurance market as a whole to stand up and respond to what is now a major catastrophe in the form of Irma, whatever the numbers eventually are,” Reynolds said.

Ed Hochberg, JLT Re’s CEO, North America, said the reinsurance market, especially in the US, needs to see this event as an opportunity, as Florida was heavily reinsurance-dependent. This is therefore an opportunity for reinsurers to stand up and demonstrate why it is that companies depend on reinsurers and the value they bring.

“We believe that reinsurers will, by and large, step up and pay claims quickly and be there for the renewals and the other coverages that companies will need,” Hochberg said.

JLT Re launched its new Viewpoint report at the Monte Carlo Rendez-Vous, stating that insurtech is going to be a game-changer for the reinsurance sector.

Reynolds said that the potential for change is huge, with insurtech set to reinvent the way products are created, priced and distributed.

As a result, he said, the use of technology and the ability to gain commercial gains from these innovations are likely to become key differentiators for re/insurers in the coming years as they compete for market share amid a backdrop of difficult economic conditions and a prolonged period of market softening.Get the latest re/insurance news sent to your inbox every day -  Sign up to our free email newsletters

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