It is an uncertain time for reinsurers given the myriad effects of the Deepwater Horizon disaster still far from fully understood and realized. Perhaps coincidentally, solutions provider StoneRiver released results of its recent survey tracking interests and trends for the coming year for reinsurers.
In its third annual survey, StoneRiver asked CFOs at U.S. property/casualty carriers about their experiences with reinsurance administration, and the results mirror those of the past two. For the third year, the lack of reinsurance automation is the hottest reinsurance issue, according to 43% of respondents. StoneRiver says this is of interest because all respondents this year rated their companies as average or above in how well they manage reinsurance recoverables. Organizational concern about automation possibly stems from not having automation for aggregation in the event of a catastrophe, the vendor posits. Another potential reason given is that respondents feel comfortable with the status of reinsurance recoverables, but face concern from others about the lack of automation. An entirely automated system dramatically reduces the likelihood of errors due to manual processes, StoneRiver says.
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