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Cyber risk presents a new opportunity for reinsurers to expand their scope — and relevance — in the new digital economy. Cyber risk presents a new opportunity for reinsurers to expand their scope — and relevance — in the new digital economy. (Shutterstock)

In recent years, the reinsurance industry has faced substantial headwinds — both figuratively and literally. With catastrophic hurricanes and the California wildfires, many major reinsurers felt serious financial strain in 2017. Not only that: Leaders worldwide are concerned about how the entire industry operates and the sustainability of the reinsurance industry in the decades ahead.

With a new pressure on margins and emerging digital transformation, an EY report says some reinsurers might find themselves struggling to survive. On the state of the property catastrophe market the CEO of leading global reinsurer Swiss RE, Christian Mumenthaler, said the industry needs to, ‘get used to a world where margins are much lower.’ In short, the current outlook doesn’t seem particularly positive.

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