Capital Markets Teach Reinsurers Lessons
London Editor
London
A sea-change is occurring in the insurance and reinsurance industries as a result of the entry of capital markets into areas such as catastrophe securitizations, industry executives say.
The capital markets piece is important because it pierces the traditional isolation that has taken place in the reinsurance and insurance industries, said Dennis Kuzak, senior vice president of EQECAT, the Oakland, Calif.-based modeling firm.
"It brings in external pricing and the insurance and reinsurance industry suddenly gets a dose of cold water reality. Hey, this is the price for the risk and were writing it for less than that," he said.
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