The (re)insurance industry is navigating one of the most significant periods of change in recent times which is altering perceptions of risk across the sector. The impact of COVID-19, the first globally systemic insurance loss, has put pressure on a marketplace already addressing challenges on multiple fronts. During this period of transformational change, reinsurance continues to be a highly effective tool to enable insurers to respond, according to a panel of speakers at the media briefing 'The changing nature of risk' hosted by Guy Carpenter.