There are several things that keep SCOR’s Jean-Paul Conoscente awake at night. Climate change is one of them; cyber risk is another. Only time will tell whether these risks are actually insurable, cautions Conoscente, who became the CEO of SCOR Global P&C in February 2019.
Then there is a less talked-about challenge facing the industry: Conoscente sees the world increasingly breaking apart and separating.
“It’s fragmented from a regulatory point of view, where more and more countries are taking protectionist policies, both from a trading, economic point of view as well as from an insurance point of view,” he noted. [See related article on Conoscente’s leadership lessons, titled “Good Leaders Challenge the Status Quo—and Themselves.”‘
“Many more countries than in the past are requiring mandatory cessions to local reinsurers before going to outside markets and forcing reinsurers who want to do business in that country to put capital there,” Conoscente said. “It goes against the diversification model of reinsurers to write risk globally to be able to better face individual risks that occur.”
Conoscente said that regulation, protectionism, a…
