Innovation to be key topic for Convergence 2024

Convergence 2024, which is on October 7-9, will spotlight the transformative power of innovation in the insurance-linked securities (ILS) market by bringing together global experts to discuss regulatory frameworks, the latest science, and market dynamics.

This year Convergence is focusing on innovation, with a series of sessions dedicated to the theme of Converging Innovation: Accelerating Science and ILS Solutions. Its final session, titled Sandboxes, Reforms and a Return to Basics – How Regulatory Innovation Can Promote Adaptation, Mitigation and Protection Gap Reduction will highlight how initiatives like the Bermuda Monetary Authority’s Regulatory Sandbox and the Lloyd’s Lab, along with support from regulatory bodies, are laying the foundation for a future where scientific advancements and regulatory innovation drive industry-wide transformation.

The panel features a number of distinguished industry figures who will discuss the vital role of regulatory frameworks in fostering innovation.

Moderated by John Huff, CEO of the Association of Bermuda Insurers and Reinsurers (ABIR), the panel features a number of globally recognized regulatory leaders who will discuss the power of regulatory innovation to unlock innovation in the markets, to support goals including expanding choice for consumers, closing protection gaps, fostering resilience and accelerating adaption to emerging risks, and ensuring coverage for novel areas of economic activity.  The panel includes:  

Tim Temple, Louisiana Commissioner of Insurance, who has championed a “roadmap of solutions” in the critical coastal state 

George Alayon, Deputy Director, Supervision (FinTech) at the Bermuda Monetary Authority, who has led development of the Authority’s regulatory sandbox, and innovation hub 

Rosie Denée, Head of Innovation at Lloyd’s and director of the Lloyd’s Lab, supporting the acceleration of insuretechs in the market, and the delivery of solutions to challenging and developing markets worldwide   

John Huff, panel moderator for the session, commented: “Insurance regulators around the world are working with a sense of urgency to champion reforms to leverage capital and capacity to address the ever-expanding insurance protection gap. This should be great discussion in Bermuda.”

These regulatory initiatives, coupled with Bermuda’s innovative climate, make the jurisdiction an ideal incubator for the future of insurance and financial services.

The session will conclude the two-day event, whose theme this year focuses on the critical challenges of our time—including climate risk, resilience, and market evolution, promising to

deliver impactful insights from leaders across the insurance, financial, and scientific communities. 

Additionally, sessions will include a broad range of ILS market thought leaders, alongside science innovators, regulators, managers and analysts. A full list of the sessions can be found at https://ilsbermuda.com/convergence.

Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.