#54 - Michael Cenzer: Actuarial Expertise, Drivers of Hardening Market Conditions, & Market Trends

We’re missing a co-host this week but that didn’t stop Jerad from having one of the most fascinating and insightful conversations we’ve ever had on the podcast. Our special guest, Michael Cenzer, Chief Pricing Actuary at Validus Re, went through the nuances of actuarial pricing, shifting market trends, and the increasing importance of high-quality data.  EPISODE LINKS: Michael's LinkedIn: https://www.linkedin.com/in/michael-cenzer-7297693/ Validus Re: https://www.aig.com/home/risk-solutions/aig-re/validus-re CONNECT & SUPPORT: Website: https://www.supercede.com  LinkedIn: https://www.linkedin.com/company/supercedehq Twitter: https://twitter.com/SupercedeHQ  YouTube: https://www.youtube.com/channel/UCuzfykcesD0phGaCK7qB09Q  RSS Feed: https://anchor.fm/s/7e741c8c/podcast/rss Say Hello: [email protected]  OUTLINE & TIMESTAMPS: (00:00) Intro (01:02) Mike’s Journey Into Reinsurance (03:30) Analogy Battle: What Is a Pricing Actuary? (05:47) Pricing in Practice: How it Works (09:37) Examples of Factors Applied for Pricing in a Movie (13:47) Importance of Data for the Reinsurer (16:04) Drivers of Current Hardening Market Conditions (19:19) Florida Legislation to Help Soften Markets (24:01) Market Trends: An Actuarial Perspective (26:45) What Will Soften the Market? (29:40) Will Programs Become More Bundled or Fractured? (31:51) Granular Data Transforming the Industry (34:32) Biggest Challenges With Data (37:20) Benefits of Data Consistency (39:02) What Better Data Can Unlock for the Industry (44:36) Data Importance for Cyber Risk (45:20) Price It! - Reinsurance Pricing for an Autonomous Fleet (49:45) Portfolio Strategy Risks The views and opinions expressed in this podcast are those of the speakers and do not necessarily reflect the official policy or position of Validus Re. or its subsidiaries or affiliates (“Validus”). Any content provided by our speakers are of their opinion and are not intended to malign any religion, ethnic group, club, organization, company, individual or anyone or anything. Validus makes no representations as to accuracy, completeness, correctness, or validity of any information provided during this podcast and will not be liable for any errors, omissions, or delays in this information or any losses injuries, or damages arising from its use.