The COVID-19 crisis and currently challenged market environment offers a rare opportunity for the global reinsurance industry to learn from its mistakes in the past and build back a more sustainable business model that will enhance the industry's role and relevance to society as whole, Mr James Vickers, chairman of Willis Re International, has said.
He was speaking on the subject “Way Forward for the Reinsurance Market in a Post Pandemic World” during a webinar organised by the DIFC Insurance Association (DIFCIA).
After several challenging years faced by the industry due to natural catastrophe losses, social inflation undermining reserves and falling interest rates, the reinsurance market is now facing the systemic impact of COVID-19.
Dr Bassel Hindawi, CEO of the DIFC Insurance Association, added “The reinsurance industry can bring their skills, knowledge and capital to bear on managing the challenge of globally systemic risks and working with wider range of partners.”
Mr Salmaan Jaffrey, chief business development officer at the DIFC Authority, said that innovation, disruption and reinvention were understandably core themes discussed during the webinar. He said, “Building knowledge and encouraging debate amongst DIFC’s 100 registered insurance, reinsurance, captive firms, InsurTechs and insurance-related entities allows us drive the Future of Finance, of which insurance is an important element.”
Established in 2015, the DIFC Insurance Association (DIFCIA) is a non-profit association established to represent the collective interests of members while acting as a forum for the exchange of views on market issues. The DIFC Insurance Association contributes to positioning the DIFC (re)insurance market as the premier hub in the region.