It is interesting to note that an increasingly common theme in the industry right now is that the world is becoming riskier, yet the insurance and reinsurance industries are failing to keep pace with the demands of their clients.

Big names such as Pat Ryan and Mike McGavick have been beating the drum of late calling for more innovation from the industry. McGavick has warned that the industry risks irrelevance in an increasingly global, complex and technology-led world, while Ryan claims the amount of insurance purchased by corporates in the US has been consistently shrinking.