Reinsurers Must Rethink Fundamentals
London Editor
Auchterarder, Scotland
The reinsurance industry faces a fundamental problem in that it rarely makes money out of the products it sells and instead relies on investment income to make up the shortfall, according to Graham Dimmock, chief executive officer of the Paris-based Partner Re S.A.
The estimated global combined ratios of the reinsurance industry over the last decade show that "we have not been able to generate a technical profit out of our business in the last 10 years or more," he said during a recent seminar held by the London-based International Underwriting Association.
Mr. Dimmock said that a combined ratio of 102 is the best that the reinsurance industry has managed for many years.
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