Bermuda’s position as a leading hub for reinsurance innovation and resilience was a focal point at the PwC Insurance Summit.
According to a report from the Royal Gazette, the event brought together more than 300 industry leaders and professionals to discuss challenges and opportunities in the global insurance and reinsurance markets.
Arthur Wightman, PwC territory leader, emphasized the need for continued collaboration and innovation within the reinsurance sector.
He called the summit a platform not only to reflect on the growth and resilience of Bermuda’s reinsurance industry but also to address critical issues such as climate change, regulation, geopolitics, cyber risks, talent, and diversity.
“As we navigate the challenges of climate change, regulation, geopolitics, cyber, talent, and diversity, it is imperative that we continue to innovate and collaborate,” Wightman said.
He highlighted the pressing issue of climate change, referencing PwC’s Annual Net Zero Economy Index, which shows a stagnation in global carbon intensity reductions, reaching its lowest level in over a decade. He noted that meeting the Paris Agreement targets requires a significant acceleration in decarbonization efforts.
Wightman also underscored the impact of nature-related risks on the insurance and reinsurance industry, pointing out that 55% of global GDP – equivalent to approximately $58 trillion – is moderately or highly dependent on nature.
He added that more than half of the market value of listed companies is exposed to nature-related risks, underscoring the importance of addressing these challenges.
The summit featured a session and interview on climate change, CO2 emissions, and the industry’s role. Panelists included Stephen Catlin, executive chairman of Convex Group; Neil Eckert, chairman and cofounder of Conduit Reinsurance; Sir Andrew Large, vice-chairman of the Bermuda Financial Policy Council; and Professor Callum Roberts from the University of Exeter.
Other discussions focused on Bermuda’s expanding life reinsurance sector and developments in the legacy and deals market. A presentation by the Bermuda Monetary Authority highlighted the significant contribution of Bermuda’s insurance sector, noting that the market has paid nearly $1 trillion in claims since 2016, narrowing global protection gaps.
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