Bermuda’s reinsurance market seems to have it all for it to thrive.
Firmly recognised as a global reinsurance hub, Bermuda is blessed with a leading and respected jurisdiction for reinsurance known for its operational resilience and unencumbered by issues afflicting other hubs. During the renewal season, its stability was pointed out by PwC’s territory and insurance leader Arthur Wightman, who said that the territory had overseen the deployment of between $12 billion and $15 billion in new capital in recent months.
The Bermudian insurance market is famously committed to innovation, along with progressive thinking and practices, while being a world leader in the ILS space. Bermuda was not only open for business during 2020 amidst a global pandemic, but last year it returned to the EU’s Economic and Financial Affairs Council white list while stamping out financial crime. Combine this with Bermuda’s ability to still do business face-to-face, its nurturing environment for start-ups, a reasonably stable economy and temperate climate, who wouldn’t want to do business here.
But, as Mark Geoghegan, the editor of The Voice of Insurance, recently commented in a blog, while Bermuda has the right elements to succeed, it’s imperative that that the Bermuda insurance market focuses on higher-value activities.
As global businesses still deal with the impact from the fallout of Covid-19, it’s even more vital for insurers and reinsurers to have an integrated exposure management in place. As a leader in the reinsurance space, we want to find out how reinsurers on the Island are approaching their exposure management strategies in 2021 and their strategy for managing evolving risks.
In association with Intelligent Insurer, AdvantageGo will moderate a virtual Bermuda market discussion roundtable with Bermudan industry leaders that will examine exposure management strategies and how these have become ever-more sophisticated and strategic over time. We will be sharing some of the key discussion points of this Bermuda insurance roundtable, so stay tuned.
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