Bermuda re/insurers must tackle climate change, summit told
The Bermuda re/insurance sector must address climate change because more than half of the global economy is dependent on nature, according to PwC Territory Leader Arthur Wightman.
Wightman, opening the PwC Insurance Summit in Bermuda this week, said nature-related risks were a pressing issue.
“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 told the Summit, attended by 300 people.
He added: “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 decarbonisation rate.”
Wightman emphasised the strength of the Bermuda re/insurance industry, but warned it faced challenges.
“Today's summit is not just an opportunity to reflect on the remarkable growth and resilience of Bermuda's reinsurance sector, but also a call to action,” he said. “As we navigate the challenges of climate change, regulation, geopolitics, cyber, talent, and diversity, it is imperative that we continue to innovate and collaborate.
“Together, we can drive the industry forward, ensuring that it remains robust and adaptable in the face of evolving global dynamics.”
The 17th annual PwC forum included 22 speakers and included a keynote address on leadership and the industry by Stephen Catlin, Convex group executive chairman.
The event was moderated by Financial Times journalists Ian Smith and Robert Armstrong, according to a statement from PwC.
Catlin also took part in a panel on climate change, CO2 emissions and the industry’s role, which also included 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.
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 $1 trillion in claims since 2016, helping to narrow global protection gaps.
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