Amer Ahmed, CEO, Allianz Re
One of the biggest concerns for the industry—not only for 2014 but for the foreseeable future—is the increasing impact of natural catastrophes. Economic and insured losses are rising due to increasing value concentrations and rising insurance penetration, as well as due to an observed increase in the number of weather-related cat events. In fact, there is a significant gap between economic and insured losses, which raises the question of whether insurers should be doing more to take the strain of such events for society and the economy.
A major challenge, and opportunity, for the industry is to find ways to keep such events insurable at an affordable price for clients. This requires improving awareness of the risks, assessing potential future scenarios where loss patterns may be different, developing products and coverage to encourage the right behaviors toward risk management and mitigation, and engaging with policymakers—for example, on development planning in flood-exposed areas.
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