Aon Benfield’s biennial Hazards Conference began this morning with a call for the reinsurance industry to “reimagine risk” to prepare for future challenges.

More than 300 delegates are at the three-day Gold Coast conference, which runs from today until Wednesday.

Speakers and panellists are exploring “surprises still challenging the insurance industry around traditional risks such as natural catastrophe”.

Aon Benfield CEO Australia and New Zealand Robert De Souza told delegates companies must reinvent themselves to remain relevant as technology reshapes traditional business models.

“Add to this backdrop volatile investment markets, unpredictable weather, fierce competition from both large incumbents and agile fintechs, and increased political and regulatory reform, there’s no doubt the financial services sector is grappling with change,” he said.

He believes the insurance industry has a history of rethinking what it thought it knew.

“Unforeseen events such as Hurricane Harvey, a 1000-year unprecedented rainfall event, the magnitude-nine earthquakes in Japan or the huge industrial losses during the Thai floods remind us of this.

“Let’s not wait for the next big event before we act.

“Instead, we must innovate and better prepare for the opportunities and challenges of future socioeconomic, environmental and technological trends.”