TOP 10 QUOTES
You said it, we printed it: the best quotes of 2022
As one of the most challenging but also colourful years for the re/insurance industry in decades, 2022 made for some juicy and vivid quotes, dutifully written down by our reporters. Here are 10 of Intelligent Insurer’s favourites—we could have done 100!
“WE ARE SCOURING THE PLANET FOR CAT CAPACITY”
Never shy of a military-related metaphor, this was TigerRisk Partners chief executive Rob Bredahl on its new “cat capacity SWAT team” that has been set up to deal with the challenges of a loss of capacity.
To read the full story in which this quote appeared, visit: https://www.intelligentinsurer.com/news/tigerrisk-unveils-cat-capacity-swat-team-as-a-tricky-renewal-looms-for-cedants-30354
“I HAVE NEVER SEEN BROKERS SO NERVOUS. THEY ARE CONCERNED THEY WILL NOT GET DEALS DONE—AND THEY WILL END UP WITH HOLES IN THEIR CLIENTS’ COVERAGE”
Johannes Martin Hartmann, chairman of the board of directors of VIG Re, described how the capacity crunch was far from ideal for many brokers concerned that an inability to find adequate coverage could see them cut out of the loop completely.
To read the full story in which this quote appeared, visit: https://www.intelligentinsurer.com/news/brokers-fear-being-squeezed-out-of-the-loop-vig-re-30830
“I DON’T LIKE TALKING ABOUT THE PROTECTION GAP. WE’RE NEVER GOING TO CLOSE THAT GAP WITH JUST INSURANCE. IT’S NOT JUST ABOUT PAYING A CLAIM AFTER AN EVENT. THE INDUSTRY SHOULD INSTEAD TALK ABOUT THE RESILIENCE GAP”
Daniel Stander, the United Nations Development Programme’s senior advisor, attempts to reframe the notion of the protection gap with something more relevant in an exclusive interview in Monte Carlo.
To read the full story in which this quote appeared, visit: https://www.intelligentinsurer.com/news/focus-on-the-resilience-gap-rather-than-the-protection-gap-un-development-programme-advisor-daniel-stander-30401
“WE SHOULD NOT ASSUME THE PAST FIVE YEARS ARE EXCEPTIONAL; THEY ARE PROBABLY THE NEW NORMAL. THERE IS A VERY PRAGMATIC VIEW OF RUNNING A BUSINESS WHICH IS: ‘CAN WE SUSTAIN TAKING MORE OF WHAT WE HAD FOR THE PAST FIVE YEARS?’”
SCOR chief executive officer Laurent Rousseau, speaking of his company’s retreat from nat cat—representing one of several key moments for that line of business in 2022.
To read the full story in which this quote appeared, visit: https://www.intelligentinsurer.com/news/scor-speeds-nat-cat-retreat-recalibrates-models-to-5y-mega-losses-29277
“YES, THERE IS A RISK THAT WE WOULD LOSE SOME BUSINESS”
Axis Capital chief executive officer Albert Benchimol on heading into renewals after dumping all property reinsurance mid-year. The move stunned many in the market, but others would follow.
To read the full story in which this quote appeared, visit: https://www.intelligentinsurer.com/news/axis-may-lose-business-at-1-1-on-cat-retreat-but-won-t-look-back-ceo-30878
“THE CONSEQUENCE OF THIS PERIOD, THAT BEGAN IN 2016, COMPOUNDED INTO THE PANDEMIC AND FURTHER COMPOUNDED INTO THE UKRAINE CRISIS, IS THE HARDEST AND LONGEST HARD MARKET THAT I’VE SEEN SO FAR”
Manuel Escobedo, chief executive officer of Mexico-based holding company Peña Verde, the parent company of Patria Re, says what many others were thinking as the industry looked to navigate one of the most challenging markets in decades.
To read the full story in which this quote appeared, visit: https://www.intelligentinsurer.com/news/pandemic-brings-boom-time-for-the-re-insurance-industry-30339
“WE KNOW THE CHALLENGE IS MONUMENTAL, BUT EQUAL IN MAGNITUDE IS THE OPPORTUNITY TO HAVE AN IMPACT IN A WAY WE’VE NEVER HAD BEFORE. STANDING BEFORE OUR INDUSTRY IS A GENERATIONAL OPPORTUNITY FOR US TO MAKE A DIFFERENCE IN THE GLOBAL ECONOMY”
Aon chief executive officer Greg Case at Monte Carlo on climate change and why the industry must embrace the challenges and opportunities it presents.
To read the full story in which this quote appeared, visit: https://www.intelligentinsurer.com/news/the-re-insurance-industry-can-lead-in-climate-change-solutions-aon-s-case-30375
“THE INDUSTRY DOES ITSELF A DISSERVICE TO PIN WHAT HAS BEEN SEEN OVER THE LAST FEW YEARS ON CLIMATE CHANGE. IF THEY’RE NOT GETTING THE EXPOSURES RIGHT, THEY’RE MISSING A MUCH LARGER DRIVER OF THE GROWTH AND LOSSES”
Bill Churney, president of extreme event solutions at Verisk, on rising losses and focusing heavily on just the ‘E’ of ESG issues.
To read the full story in which this quote appeared, visit: https://www.intelligentinsurer.com/news/cat-losses-not-caused-only-by-climate-change-verisk-30364
“IT SHOWS THAT WARREN BUFFETT STILL BELIEVES IN REINSURANCE, WHICH IS A GOOD SIGN. THAT IS REASSURING FOR THE WHOLE MARKET AND, OBVIOUSLY, FOR US SPECIFICALLY”
Rudiger Skaletz, chief business development officer, Europe, of TransRe, offers a reassuring slant on the market in the context of Buffett’s Berkshire Hathaway buying TransRe parent Alleghany Corporation as part of a $11.6 billion deal that closed on October 19.
To read the full story in which this quote appeared, visit: https://www.intelligentinsurer.com/news/transre-buffett-deal-signifies-belief-in-reinsurance-amid-market-turmoil-30797
“I AM NOT SCARED AT ALL. I’VE BEEN IN THIS BUSINESS FOR MORE THAN 30 YEARS, I HAVE SEEN IT FROM EVERY SIDE YOU CAN THINK OF: BROKER, CEDANT, AND UNDERWRITER”
Jan Störmann, a 30-year industry veteran and chief underwriting officer for Allianz Re, the unit of Allianz that manages the insurer’s reinsurance-buying programme globally. He made the point that quality buyers should have no fear of challenging market conditions.
To read the full story in which this quote appeared, visit: https://www.intelligentinsurer.com/news/quality-cedants-can-face-down-reinsurers-demands-allianz-re-30798?success_login=1
Main image: Shutterstock.com / LightField Studios
