Bermuda Risk Summit set to tackle industry’s top themes

The Insurer team will be out in force in Bermuda next week as the Bermuda Business Development Agency (BDA) hosts its inaugural “Bermuda Risk Summit”.

The three-day event will tackle several of the most pressing themes facing the market in 2022, including cyber, climate and ESG.

Conversations will also focus on Bermuda’s relationship with the Florida market ahead of the summer renewals.

Speaking to The Insurer TV ahead of the event, David Hart, BDA’s CEO, said the Risk Summit was “by design” intended for (re)insurers in the region to discuss the June 1 renewals in Florida.

“That Florida-Bermuda relationship is so important,” he added. “It’s been said that Florida is Bermuda’s largest trading partner and that’s true.”

Discussions will also feature topics such as the increasing relevance of the Bermuda market in the context of the global (re)insurance industry, the ILS market, emerging risks, challenges for policyholders, and the evolving role of brokers and rating agencies.

Bermuda’s global role

The gathering will be the first in-person event on the island since the Covid-19 pandemic.

John Huff, CEO of the Association of Bermuda Insurers and Reinsurers (ABIR), said the event will provide a good opportunity to discuss the role of the Bermudian (re)insurance market and its position and competitiveness in a wider, global context.

Speaking with The Insurer earlier this week, Huff said he expects discussions to emerge about the role of capital allocators and “where they want to place their resources”, and questioned whether there will be reduction in property catastrophe appetite given recent losses.

“An overall theme you would expect to hear from a lot of speakers would be the overall protection and certainty that Bermuda gives to the global economic challenges,” Huff said.

He also expects participants to engage in discussions around climate risks, given the longstanding role of the Bermudian (re)insurance market in the protection against them.

Given the backdrop of Russia’s ongoing invasion of Ukraine, Huff said the event will likely consider broader (re)insurance implications from the conflict.

Extensive coverage

The three-day event will kick off on 14 March with the theme “Complex Risk – Simple Solutions”.and as media partner,The Insurer will bring extensive coverage of discussions.

We will also present a series of interviews from leading executives on the island through The Insurer TV channel.

More details about the event, including the agenda, can be found here.