ABIR heads to Santiago for global insurance meetings

The Association of Bermuda Insurers and Reinsurers (ABIR) will represent the Bermuda market at upcoming global re/insurance meetings in Chile.

John Huff, ABIR’s chief executive officer, and Suzanne Williams-Charles, director of policy and regulation, will participate in two events in Santiago: the Global Federation of Insurance Associations (GFIA) General Assembly on November 9 and the International Association of Insurance Supervisors (IAIS) 2022 Annual Conference on November 10-11.

ABIR is a founding member of the GFIA, a non-profit established to represent national and regional insurance associations that serve the general interests of insurance and reinsurance companies and makes representations to governments, international regulators and others on their behalf.

GFIA represents nearly 90% of the global re/insurance market. ABIR is an active participant on a number of GFIA working groups, including those focused on climate risks, cyber risks, taxation and trade.

The IAIS is a global standard-setting body for supervision of the insurance sector. Its voluntary membership includes the Bermuda Monetary Authority and comprises supervisors from more than 200 jurisdictions, constituting 97% of global insurance premiums.

In addition, the IAIS assists its members in addressing emerging risks and challenges, by playing a role in identifying trends and developments that could reshape the business of insurance.

The theme of this year’s IAIS Annual Conference is: “Changing landscape: the role of the insurance sector in meeting emerging economic and social challenges.” Panel sessions topics will include diversity, equity and inclusion; changing consumer preferences; macroeconomic risks; climate risk and the Insurance Capital Standard.

The ABIR delegation will also take the opportunity to schedule side meetings at the conferences with insurance supervisors from around the world. Huff, past-president of the US National Association of Insurance Commissioners (NAIC), and Williams-Charles are both former insurance supervisors.

Marc Grandisson, ABIR’s chair and CEO of Arch Capital Group, said: “As a global leader in climate risk, natural catastrophe protection and the management of complex and emerging risks, such as cybersecurity, it is imperative that the Bermuda market has a voice on the insurance industry’s world stage.

“ABIR is pleased to represent Bermuda’s leading insurers and reinsurers in these meetings with industry bodies and regulators from around the world, and to provide leadership in addressing global industry, economic and social challenges.”

Huff added: “Re/insurance availability will be a key consideration for global insurance regulators and the potential of the Bermuda market’s significant capital capacity to meet global demand will be of great interest. Bermuda’s insurers and reinsurers will again show their value proposition in the face of significant U.S. natural catastrophes with the Bermuda market expected to back billions of dollars in claims to victims of Hurricane Ian, extending a three-decade track record of consistently keeping their ‘promise to pay.’

“We look forward to contributing to discussions on the global challenges the industry faces and the Bermuda market’s unique capabilities in addressing them.”