In this interview with The Insurer, Paul Moody, UK CEO, elaborates on a number of industry issues, including how data, analytics, and facilities are playing bigger roles in the facultative reinsurance market.
Paul said that Marsh Re has received positive feedback for years from clients for its global analytics and advisory offerings, which are increasingly moving into the facultative space as well.
“Data in fac and analytics in fac is becoming more and more important,” Paul explained. “Facilities are going to grow in fac, and that will mean speed of quoting, speed of binding is going to increase.”
Paul predicted an “interesting renewal season” for January 1 and suggests that buyers look beyond rate considerations alone.
“It’s not just about the rate (though) — it’s about attachment points, it’s about terms and conditions, it’s about frequency covers and, actually, whether it’s property cat or casualty,” he said. “Third-party capital coming into this business is going to give us more choice for our clients.”