As inflation seems to be abating, Best’s Review Magazine caught up with Chris Donelan, CEO, Global Reinsurance, Sompo to discuss the lessons reinsurers have learned during periods of high inflation. Noting that the reinsurance industry was not expecting a housing material shortage, rising labor costs, chip shortages, and then unemployment at historical lows with almost 10% inflation all at once, he said “The lesson we learned is that a lot can happen with inflation, and it’s almost a silent heart attack at times if you’re not paying attention to it.”
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About Sompo
Sompo Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Through its operating subsidiaries, Sompo writes agriculture, professional lines, property, marine, energy, casualty and other specialty lines of insurance and catastrophe, property, casualty, professional lines, weather risk and specialty lines of reinsurance. Sompo companies are wholly owned subsidiaries of Sompo Holdings, Inc., whose core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market. We maintain excellent financial strength as evidenced by the ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard and Poor’s on our principal operating subsidiaries. Sompo’s headquarters are located at Waterloo House, 100 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Sompo, Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda.
For more information about Sompo, please visit www.sompo-intl.com.