“Political instability is a real challenge for us. Insurance and reinsurance businesses really benefit from a stable political environment,” she said.

“Right now, with all of the discussion around trade restrictions, continuing low interest rates, volatile credit spread and uncertain fiscal policies, it becomes increasingly difficult for us to plan in the long-term.

“It is a challenge but we make it an opportunity.”

Claudia Cordioli

Cordioli - who is head of the reinsurance giants’ operations in France, Benelux and Switzerland as well as Iberia, Mediterranean and Italy - said her region is “very wide and very diverse” and is exposed to a variety of natural perils.

“We’re exposed to a wide range of natural perils which range from European windstorm, flood, earthquake and a number of other perils,” she said.

“The challenge for our industry is to create solutions that are relevant, that are affordable and that really respond to the final customers’ needs across all of those diverse regions.”

Closing the protection gap is a huge growth opportunity for the sector, Cordioli said.

“The protection gap is very wide. Tackling it is about the relevance of our industry and the way we can shift attention away from us being claims payers to solutions providers.”