Zurich Insurance’s reinsurance partners will “feel the bite” this year as the insurer reduces the size of its reinsurance panel, Paul Horgan, global head of group reinsurance at Zurich Insurance, told Monte Carlo Today.
Insurance giant Zurich is to shrink its reinsurance panel by 20 as a cost cutting measure, as it looks towards cyber, IoT and Industry 4.0 as a potential future source of revenue. Speaking to Intelligent Insurer, global head of group reinsurance, Paul Horgan, commented "Everyone is talking a lot about cyber and "Industry 4.0". We"re very interested in it and so are our customers, but we haven"t really locked a product down that addresses our customers" needs. Until we get that right, we"re not going to be able to unlock that capital."