Group Head of Property Risks
New York, NY, USA
Richard Montminy is global head of Beazley’s property division, responsible for developing the company’s property strategy and leading teams in offices across the US, Singapore, Paris and the UK including Lloyd’s of London. He has more than three decades of experience in the commercial property insurance market and joined Beazley in May 2019 from Zurich North America, where he was head of property for the US commercial insurance operation. Richard spent four years at Zurich, following an extensive career at Marsh where he held a variety of brokerage and leadership roles. Prior to Marsh, Richard began his career at what is now FM Global.
Have insurers forgotten about California earthquake risk? Richard Montminy, Global Head of Property reflects that as insurers navigate a changing property market, emerging perils such as flood and wildfire have rightly moved up our agenda, but 30 years after Northridge we shouldn't forget the ever present risk that earthquakes pose to America's biggest state.
As we approach the mid-point of 2023, the predictions we made about a hardening property market at the turn of the year have borne out, and the impact of reinsured natural catastrophe losses trickling into the primary market means that there is a further correction coming.
It’s a challenging time for the property market, and as we ease into 2023, we’re closely monitoring market conditions with an eye to what will unfold in the coming year.