Inga Beale, CEO, Lloyd's, said the insurance industry invests less in researching risks and developing new products than industries such as manufacturing.
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.
Shaun Tarbuck, CEO, International Cooperative and Mutual Insurance Federation, said insurers are poised to help lead initiatives aimed at reducing global risk but must have the confidence and courage to step forward.
Insurers and reinsurers said a range of new and expanding risks, including cyber liability, drones, autonomous vehicles and even new farm risks is challenging the underwriting ability of the mutual insurance sector.
Catherine Thomas, senior director of analytics, A.M. Best, said the active market for mergers and acquisitions has boosted many reinsurers' share prices, making it more expensive for reinsurers to buy back their own shares.
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