Reinsurers are entering a hardening market, leaders in the sector predicted here, with one admonishing industry peers to seize the opportunity to rethink standard operating procedures to sustain whatever level of profits comes as a result of the shift.
"We talk about the soft market as if someone came in and put it there. But the fact of the matter is, the markets are us," said Anthony Kuczinski, chief executive officer of Munich Reinsurance America, based in Princeton, N.J.
"Markets get soft because of our actions, and they get hard because of our actions," he said after presenting historical data demonstrating that catastrophic events don't drive cycles.
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