Inga Beale, CEO, Lloyd's, said the insurance industry invests less in researching risks and developing new products than industries such as manufacturing.
Insurers at ICMIF's Meeting of Reinsurance Officials conference said a wave of international efforts aimto address global risks, but it's up to the insurance community to remain key parts of those solutions.
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.
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.
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.
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