CEO Connect #3, July 2022: Listening to our MembersJuly 26, 2022
Post-loss Analysis: Discussion group July 2022August 26, 2022
Summary of key points
- In an extraordinarily challenging period for most insurers, pricing pressure has been apparent since January this year
- Related to this, there is added pressure on reinsurers from the current inflationary environment, low investment returns, and losses including those resulting from climate change and natural disasters
- In response we have, or are:
– Commenced early renewal discussions with our reinsurance partners to secure the most favourable terms possible in challenging market conditions
– Gathering additional data with your teams’ help to ensure we have good quality information to accurately price risk
– Continuing to go beyond providing insurance cover work with members on risk management
- While we can’t control the reinsurance market, we can, as your mutual, predict and respond to the market to best serve and protect you. This includes partnering with your teams to navigate the challenging conditions on your behalf.
- We are on track for a 1 October reinsurance renewal.
Unimutual’s view of 1 July reinsurance renewals
Protecting our Members against loss is of critical importance and the primary driver for the existence of your mutual. To provide you the levels of protection you require, we buy reinsurance protection to spread risk and the cost of large losses.
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