The reinsurance strategy

Our Reinsurance Business Unit strategy remains focused on differentiation and profitable growth through allocation of capital to both existing and new risk pools. We believe that macro factors such as demographic changes and the expected rise in global GDP will continue to expand these risk pools in both Property & Casualty and Life & Health Reinsurance.

New opportunities

The significant global protection gap, which exists today in both lines of business, is expected to continue to widen. This situation will also contribute significantly to creating new risk pools in the future. As a result, we expect to see further business opportunities, particularly in high-growth markets, but also in countries with mature economies. Natural catastrophes regularly highlight the gap between insured losses and the much higher level of economic loss. Closing this protection gap will deliver a clear benefit to our clients and will help make the world more resilient. We've already developed many innovative solutions, in the natcat and health sectors for example, that are helping our clients get us closer to that goal.

Differentiation and client relationships

We differentiate ourselves by understanding the specific needs of our clients. Client segmentation is a foundational element of our differentiation approach and is built on a deep understanding of our clients, which in turn facilitates delivery of tailored offerings.

We interact with clients across all levels and functions, enabling strategic discussions between the right people at the right time. This dedicated delivery model continues to prove its worth.

Clients are always seeking solutions to solve their business challenges. In parallel with our engagement approach, we've established teams that leverage our knowledge, risk-bearing capacity and innovation to offer solutions that transcend traditional reinsurance. Taken together, such tailored transactions, solutions and services help clients grow their business in a sustainable way.

The role of technology

The use of ever-changing technology is a crucial aspect of our business. We identify challenges along the entire insurance value chain that technology could solve. We also work with our partners to exploit new developments that can solve business challenges, whether for our clients or ourselves.

We leverage technology and data to understand risks better, improve underwriting and pricing and to increase efficiency. To help our clients improve their performance, we've developed new solutions such as an end-to-end telematics platform, predictive analytics to identify non-smokers and mobile underwriting platforms for life insurance.

We also prioritise internal efficiency. One example is our P&C Business Management Intelligence tool, which utilises big data techniques for claims management. Technology is a critical catalyst for change, which we will continue to use in order to more effectively address both our own needs and those of our clients.