There’s nothing quite like a conference to bring together colleagues, peers and competitors aligned under a common goal – and to take the temperature of a sector. The recent International Life and Annuity Conference was an opportunity to do just that, with BILTIR CEO Suzanne Williams-Charles (pictured) highlighting that: “People are feeling optimistic about the market”.
As the only industry event focused on the long-term insurance industry in Bermuda, the conference is unique within both the local and global landscape. This year was its 12th iteration to date and, with 493 registrants, its largest subscription to date. The event has steadily grown over the years, Williams-Charles said, and it is becoming a staple calendar event for industry executives in the life re/insurance space due to the importance of the Bermuda market.
Identifying some of the key themes of the event, she noted that top of the agenda was discussing the growth and evolution of the long-term re/insurance industry. “Of course,” she said, “having strong regulations is crucial to our industry, and we discussed Bermuda as a world-class example of finding the balance between strict regulation and room for growth.
“In our panel focused on insights from Japan, the panelists opined on how Bermuda’s regulatory framework benefits a wide variety of stakeholders, which attracts Japanese life insurers to the area. The panel spoke of a Japanese term called “SAMPO – YOSHI,” explaining how Japanese life insurers seeking life reinsurance opportunities in Japan are “good for the seller, good for the buyer, and good for society” and how the environment in Bermuda aligns with this principle.”
Many panelists also provided their thoughts on raising capital that lends itself to asset and liability optimization, she said, outlining that it’s more beneficial than the current misconceptions within the larger industry. One panelist spoke against views that private equity-backed firms will encourage greater risk taking on the investment side and countered that explaining how private markets can often take a longer-term view and are better suited to weather short-term volatility than public markets overall. “They are well placed to be in it for the long haul.”
In an event replete with memorable sessions and speakers, having the Hon. E. David Burt, Premier of Bermuda speak at the opening event was a standout moment for Williams-Charles and her team. He spoke about the strength of Bermuda within the global insurance landscape and its legacy of shaping strong regulatory policy while allowing space for innovation, she said. In his address, he also affirmed the importance of the long-term sector to Bermuda. “It was a strong way to open the conference and welcome our distinguished guests from all over the world.”
She also enjoyed moderating a panel with Andrew Mais, commissioner of Connecticut Insurance Department; Craig Swan, Bermuda Monetary Authority CEO; and David Altmaier, executive advisor at BILTIR, which dove into how to support the evolution of the life sector through the regulatory regime, increased capital, and developing talent in the area. “Regulation is my background – spending 10 years as an insurance supervisor at the Bermuda Monetary Authority – and therefore I all too well understand the delicate balance supervisors are challenged with when looking to encourage innovation to meet consumer needs and still prioritize policyholder protection.
“Mais emphasized that global regulatory bodies and regions need to be in constant communication with one another to align on identifying risks that will affect consumers, companies, and economies before risks become so severe. He emphasized that the Bermuda Monetary Authority goes to great lengths to ensure the NAIC understands Bermuda’s regime and risk management, creating greater understanding and evolving these systems.”
Sharing some of her key takeaways from the event, she emphasized the hunger people have to be part of the conversation about the long-term re/insurance market, which was exemplified in the “staggering” amount of interest in attending the conference. BILTIR was in the unfortunate position of having to turn away members who wanted to join because it was at capacity, she said.
“[This] demonstrates that re/insurers are looking for a place to convene with other leading experts to talk about how to propel this industry forward,” she added. “We have already started to brainstorm on how to enhance the 2025 event, so watch this space.”
What was clear from the event is that people are feeling positive about the future of the market, and the focus is now on helping to bridge the pension protection gap and fuel future growth and innovation for the industry.
