In this edition of CEO Angles, AAIS CEO Ed Kelly welcomes Guy Carpenter Chairman David Priebe and Reinsurance Association of America (RAA) President Frank Nutter for a discussion on the current state of the insurance and reinsurance markets in the wake of a tumultuous 2020.

In a year that has seen many crises, from the COVID-19 pandemic to civil unrest and natural catastrophes, Mr. Priebe and Mr. Nutter agree that the market has been understandably volatile, but is showing tentative signs of stabilizing. Assets are slowly returning from the pandemic’s initial impact, but many companies are still responding to business interruption claims. Mr. Nutter says the industry must continue to be relevant during the national and global economic recovery, by helping businesses and partnering with government leaders to get back on the “right track.”

Both Mr. Nutter and Mr. Priebe believe the 2020 elections will impact the overall economic recovery as well as the role the insurance industry will play in the recovery effort. Election outcomes will impact future economic stimulus packages, as well as changes in tax law. Mr. Nutter highlighted government intervention on climate change and cannabis legalization as areas to watch. Mr. Priebe sees the need for the incoming government to place emphasis on planning for future catastrophic events, using lessons learned from the COVID-19 pandemic.

Addressing the impact of new technologies, such as artificial intelligence (AI), automation and predictive analytics, both Mr. Frank and Mr. Nutter said it’s important the insurance industry to embrace and promote insurtech developments in order to continue delivering value for customers and shareholders. They see the transformative power that insurtech holds, from telematics to automated, bespoke policies delivered on the fly.

2020 has been a tough year for many, but these two reinsurance leaders are positive about the economic and technologic outlook of the industry. Watch CEO Angles for the full report.

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