David Marra, Group Chief Underwriting Officer of RenaissanceRe (RenRe), emphasized the need for the reinsurance industry to adapt to the challenges posed by social inflation during the firm’s recent earnings call. RenRe reported a third-quarter underwriting income of $394 million and a net income of $1.2 billion. Marra noted that while the industry has implemented rate increases and limit reductions, enhanced claims handling and refined underwriting processes are essential to stay ahead of rising claim severity. CEO Kevin J. O’Donnell also expressed optimism about maintaining stable casualty line rates, underscoring the significance of engaging with customers to align on market trends and needs.
