Bermuda reinsurance market’s resilience and growth in the spotlight at PwC Insurance Summit

12 November 2024 – Bermuda's critical role as a hub for reinsurance innovation, growth, and resilience was highlighted at the PwC Insurance Summit, presented in collaboration with the Financial Times.

The 17th annual PwC insurance and reinsurance forum in Bermuda brought together over 300 industry leaders and professionals, along with 22 distinguished speakers who addressed key topics and trends in the industry. The event was moderated by prominent FT journalists Ian Smith and Robert Armstrong and featured a keynote on leadership and the industry by Stephen Catlin, Convex Group executive chairman.

Arthur Wightman, PwC Territory Leader, opened the summit with a powerful message: 

A highlight of the day’s lineup was a session and interview on climate change, CO2 emissions and the industry’s role, featuring Stephen Catlin, Convex Group executive chairman, Neil Eckert, Conduit Reinsurance chairman and co-founder, Sir Andrew Large, Financial Policy Council - Bermuda Vice Chairman, and Professor Callum Roberts, Marine Conservation, University of Exeter.

Wightman emphasised the urgency of addressing climate change, stating, “PwC’s Annual Net Zero Economy Index reveals that the global reduction in carbon intensity has stalled to its lowest level in over a decade. To meet the Paris Agreement targets, we must significantly accelerate the global decarbonization rate.”

He also addressed the pressing issue of nature-related risks, noting that climate change profoundly impacts the global insurance and reinsurance industry. “With 55% of global GDP—equivalent to about $58 trillion—moderately or highly dependent on nature, and more than half the market value of listed companies subject to nature-related risk, it is crucial that we address these challenges head-on,” he said.

The Summit lineup also included sessions this year on Bermuda’s growing life reinsurance sector, as well as the legacy and deals sector. A BMA presentation on industry regulation highlighted how the Bermuda market has paid nearly a trillion dollars in claims since 2016, helping to narrow global protection gaps.

The PwC Insurance Summit continues to be a pivotal annual event for the industry, fostering dialogue and collaboration among leaders to drive innovation and resilience in the reinsurance sector.