The survey revealed that 33 percent of respondents named soft market conditions as the biggest challenge, with 74 percent listing it in their top five concerns. However, the figure has dropped from 81 percent who placed it in their top five in 2015.
Chris Baker, executive director at Xuber, said: “The 2016 Xuber Global Reinsurance Survey confirmed that the market’s appetite for change has reached tipping point. The industry has spoken and there is an almost universal consensus that a fundamental technology shake-up needs to happen now. The time to innovate has arrived.”
Regulation was also found second in the list of top concerns, with 18 percent listing it as their top challenge and 69 percent recognising it in their top five concerns.
Some 44 percent of respondents put cyber crime in their list of top-five industry challenges.
Baker added: “The way insurance is being bought, sold and managed has changed, and the survey results suggest the industry must take an innovative ‘digital first’ approach in order to maintain relevance with clients. Reinsurers which create solutions grounded in technology that deliver across the insurance value chain will best serve their customers and will thrive in the digital revolution.”