We are proud to announce that Glen Riddell, CEO of Berkley Re Asia Pacific, has been named on the prestigious Insurance Business Australia Hot List for 2024. This recognition is a testament to his exceptional leadership and innovative approach in the insurance industry. The 2024 Hot List, which honours the top 50 professionals in a field of over 500 candidates, underscores Mr. Riddell’s remarkable achievements and influence in the sector.
Predictions for 2024: Navigating the Reinsurance Landscape
Building on this accolade, Glen Riddell offers his insightful predictions for the reinsurance sector as we move into 2024. “The challenges are still relatively unchanged as we look to 2024,” he states, emphasising the continuity of challenges in achieving better risk-adjusted returns, a critical factor in determining the market’s pricing, terms, and conditions. In an industry characterised by constant volatility, Riddell’s strategic focus on managing risk-adjusted returns showcases his expertise and forward-thinking leadership.
Economic Influences and Inflation Dynamics
Under Mr. Riddell’s guidance, Berkley Re Asia Pacific navigates an environment shaped by global economic influences. Despite some easing in supply chain disruptions, the chapter of inflation remains open, as he notes, “The chapter on inflation is not yet concluded, with Reserve Banks globally taking action on interest rates to put the brakes on inflation.” This economic landscape forms a crucial backdrop for Berkley Re’s strategies, especially as it contends with alternative investment classes that offer higher returns.A key area of focus for Mr. Riddell is the impact of inflation in casualty classes given the prolonged nature of these classes and their increasing sensitivity to inflationary shifts. This ongoing concern with inflation, including social inflation at a global level, is expected to remain a significant topic of discussion and action in 2024 and beyond.
Property Reinsurance Trends
In property reinsurance, the trends that emerged in 2023 are poised to continue. Mr. Riddell points out, “Pro-rata capacity is not as widely available unless natural catastrophe, large risks losses, and attritional losses are priced sufficiently.” The industry’s move towards a gross excess of loss structure is a strategic response to the evolving risk landscape, with secondary perils continuing to impact margins.
El Nino Challenge and the Path Forward
The transition to the El Nino climatic phase brings new challenges in property catastrophe reinsurance. Mr. Riddell remarks, “The challenge facing reinsurers is pricing the uncertainty and this will continue to be a topic of discussion across the market in 2024.” This phase change leads to altered patterns of natural disasters, affecting various regions differently in terms of flood risks, bushfires, and windstorms.
Leadership and Innovation: The Way Ahead
For Glen Riddell, the journey ahead with Berkley Re Asia Pacific is about maintaining vigilance and adaptability. He underscores the importance of risk management, innovation, and commitment to clients’ needs as pillars for ongoing success. “The principles of risk management, the pursuit of innovation, and the dedication to our clients’ needs are what will ensure our continued success,” he affirms. Focusing on improving risk-adjusted returns, Berkley Re is prepared for a resilient and prosperous year ahead, relying on its collective experience and expertise.
Glen Riddell’s inclusion in the 2024 Hot List reflects not only his individual achievements but also the forward-thinking strategies and leadership excellence at Berkley Re Asia Pacific. His insights and predictions for 2024, deeply rooted in his extensive experience and strategic foresight, provide a valuable guide for navigating the future of reinsurance.
