Mark McLaughlin, global insurance director, IBM, said insurers will benefit from developments in data, artificial intelligence, cloud computing and industry platforms.
Insurers and reinsurers at the Meeting of Reinsurance Officials in Montreal said mutual insurers lack stock companies' range of access to capital sources, which is why many look to reinsurers for help with capital and expertise.
Chris Duffield, senior vice president, Swiss Re Canada, said some mutual insurers may be able to better negotiate changes to the insurance environment because of their focus on their policyholders and corporate values.
Michael Barnes, assistant vice president, Willis Re, said mutual insurers' focus on policyholders likely means they would rather develop more complex solutions tailored to policyholder needs, than develop simple, limited products.
Matt Cullina, CEO, CyberScout, said cyber-related risks have evolved from data breaches to more targeted attacks that look to quickly monetize purloined data.
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