The independent outside insurance company director is facing new challenges as the industry goes through constant change in regard to underwriting cycles. Consequently, chief executive officers of insurers need to look for more experienced insurance industry directors for their boards.
It's not enough to put retired accounting or outside counsel executives on the board. These types of candidates must be supplemented by a new director that has significant insurance and reinsurance industry experience. These directors can act as a mentor, rather than a “rubber stamp” for the insurer's CEO.
Insurance and reinsurance company director compensation is rising. This is as it should be, since director roles are assuming more importance in running the operational affairs of carriers.
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