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.
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.
Scott Williams, director, PcW Global Crisis Center, said insurers are uniquely positioned to share information and educate businesses, societies and governments on issues of risk and sustainability, but appear to lack the drive and skills to do so.
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