Limited losses in emerging markets in recent years are an indication that the industry is not doing enough to seize upon re/insurance opportunities globally.
That is the view of Philip Hobbs, syndicate actuary at Liberty Syndicates, talking at RMS’ recent ‘world tour’ seminar in London. Hobbs said that areas such as the Pearl River delta in China have considerable economic values at risk, but that the industry is yet to penetrate such markets.
He said that more needs to be done to understand and price such risks and to sell the insurance concept to emerging markets. Hobbs said that the industry needs to push data forward in such regions, with re/insurers and modelling firms needing to work together to grasp new opportunities.
Liberty Syndicates, RMS, emerging markets, insurance, reinsurance