The NAMIC Management conference bills itself as a conference built by leaders for leaders. With that guiding principle in mind the sessions tend to focus on operational strategy, industry trends and leadership growth. The first day began with three “Power Sessions”.
Power Session one, Industry & Weather Trends, was lead by Mike Smith from Accuweather. He began by reviewing 2011 – which was the worst weather year in US history. The most unusual events being the tornados, many of which were “metronados” tornados that struck in cities, causing severe damage. He pushed for the insurance industry to campaign for hurricane level building codes in tornado prone areas and the enforcement of building codes already in place, which would save both lives and property.
Power Session two, A Broker’s Perspective on the Reinsurance Relationship, was lead by James Kent of Willis Re. He too focused on how bad 2011 was from a Reinsurance point of view, with between 40% and 50% of the 2011 losses paid by reinsurers. 2012 is shaping up to be a much better year for both the primary insurance carriers and the reinsurers, with good results for the first two quarters of the year. He expects Reinsurance pricing to continue to be flat to down barring any major catastrophe.
Power Session three, Economy, was lead by Dr. Robert Genetski. He reviewed the current economic situation from six viewpoints: US economic weakness, the financial collapse of 2008, the Euro debt crisis, the US debt crisis, financial and economic outlook, and the upcoming November elections.
All in all, I found these sessions provided a great deal to consider and gave us all a thought-provoking start to the conference. Tomorrow is devoted to breakout sessions and Wednesday returns to the three Power Session format.
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