Reinsurers in race to improve risk underwriting

Juan Andrade, president and CEO of Bermuda-based reinsurer Everest Re Group Ltd., said that reinsurers are in an “arms race” for the latest technology and processes to improve their risk underwriting and pricing amid increasing frequency and severity of catastrophes and subsequent losses, Reinsurance News reported. Mr. Andrade emphasized the importance of quality risk models, data and analytics and improved understanding of climate change for better underwriting.