The Bermuda reinsurance market has proved its resilience — but the industry needs to embrace disruption in order to claim future opportunities.
That is the view of Arthur Wightman, PwC Bermuda leader and insurance leader, who told delegates at a conference in Hamilton yesterday that many reinsurers were already “disrupting themselves from within”.
Speaking at the S&P/PwC Bermuda Reinsurance conference, Mr Wightman said: “I think it’s important to reflect on the societal importance of what it is that we do here in Bermuda and how much of a positive impact the protections we offer have in restoring communities and businesses post event.
“Frankly without this market, billions of dollars of cover would not be placed because it is commercially out of reach for so many.
“The Bermuda market has again shown its resilience. Its capital and its strength send a message that this market will be there in times of difficulty.”
Sometimes people talked about disruption as if it were a dirty word, Mr Wightman said, but he preferred to see it as an opportunity.
“Indeed many reinsurers are purposely disrupting themselves from within,” he said “The future is indeed bright if CEOs can grasp the dynamic opportunities ahead. And many are.
“For example, it was quite unheard of to see venture capital funds being established by reinsurers. And yet the number is at least 20 and counting.
“These are being used for a variety of reasons but they are funding the big bets that need to be placed to seize the future.”