Inga Beale, CEO, Lloyd's, said the insurance industry invests less in researching risks and developing new products than industries such as manufacturing.
Rowan Douglas, CEO, capital, science & policy practice, Willis Towers Watson, said several new global initiatives are aimed at matching the abundance of insurance capital and expertise with uncovered risk throughout the world.
Lorie Graham, senior manager, American Agricultural Insurance Company, said farmers are rapidly adopting drones, sensor based equipment, 3D printing and new business models, creating new types of exposure to which agricultural insurers must respond.
Andrew Newman, president, Willis Re, said his firm's analysis of the reinsurance sector shows that reinsurers' rates of return have fallen to the lowest average levels in years.
Aidan Kerr, operations director, Flood Re, said the reinsurer is aiming to cover 200,000 U.K. households for flood risk in the shorter term and eventually reach up to half a million by operating in the background of the homeowners' insurance market.
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