In the run-up to the 1/1 renewal season for 2026, Florian Boecker, Head of Life Re at SiriusPoint answered some quick fire questions on the life reinsurance market in Mexico.
1. How would you summarise the current state of the reinsurance market in Mexico and worldwide?
By now, we as an the industry, have left the phase of uncertainty after the COVID pandemic behind us. This is reflected in increasing competition in many Life reinsurance markets, particularly in Mexico. We are seeing a shift in attention towards product innovation as a differentiator in a competitive environment.
2. Which type of claims have most affected the reinsurance market?
The biggest loss of the last decades for the Life (re)insurance industry obviously was the COVID pandemic. It tested the risk management and financial strength of all players, and I’m very happy that we as an industry, passed this test very well.
3. From your point of view, has there been progress in the area of underwriting?
At the moment, underwriting benefits from the rapid advancements in technology mostly from an operational perspective, enhancing the productivity of underwriters. In the next phase, we expect AI – in combination with better data capturing and management – to have a profound impact on underwriting decision making.
4. Has technology revolutionized the market?
No, or better: not yet. I believe we are the brink of a major shift in risk assessment and management, driven by specialized AI models that will work under the supervision of experienced professionals. Our industry is notoriously slow in adapting new technologies, which offers opportunities for modern, nimble companies to compete against the incumbent players. I expect this asymmetric competition to gain momentum in the next years.
5. What does the future hold for the life reinsurance market?
I’m very optimistic about the future of Life reinsurance. The industry has proved its value during the worst pandemic in a century. We are ready to support our clients in navigating the uncertainties and challenges of an ever accelerating world.
Florian’s Q&A featured in an article for Mexican magazine, Revista Siniestro. You can read the Spanish version here. To discuss any of the issues raised in the feature, please contact [email protected]
