This Masterclass: • Analyses the reinsurance landscape to identify some of the key uncertainties confronting the reinsurance industry; • Uses scenario planning techniques to cluster these uncertainties and generate three alternative future scenarios; • Assesses the impact of these alternative futures on reinsurance industry incumbents; • Explores how firms in the reinsurance industry can stay ahead by integrating scenario planning into the development of their business strategies.
This report presents the results from the inaugural project commissioned by the IICI; a year-long ethnographic study of the London and Bermuda reinsurance markets, comparing the bases of face-to-face and electronic trading and their implications for industry evolution. The project, undertaken by Professor Paula Jarzabkowski of Aston Business School and her team, Dr Michael Smets and Dr Paul Spee, was co-funded by the Economic and Social Research Council (ESRC).
This report presents the full results from a twophase study commissioned by the IICI, looking at the London, Bermuda, Continental European and Asia Pacific reinsurance markets from the perspective of cedents, reinsurers and brokers. An interim report from Phase 1 was released at Monte Carlo in 2010.
This paper explores how reinsurers can meet the rapid changes occurring in their industry, arising from primary industry consolidation, and changes in cedent (insurance firm) buyer behavior toward bundled reinsurance products and alternative sources of capital. The paper makes the following suggestions for reinsurers. Reinsures need to be proactive in responding to changing patterns of premium volume and develop partnerships with global clients. Smaller reinsurers, in particular, will need to look to develop competitive niches and joint-ventures in order to be significant to these large cedents. Furthermore, reinsures need to continue investing in analytical expertise and resources in order to address the complex needs of their clients. Finally, reinsurers will be increasingly required to engage in alternative risk transfer products, and there will be early-mover advantages in doing so meaningfully.