Lara leads action-packed insurance summit

California Insurance Commissioner Ricardo Lara (pictured) – who has been in the spotlight since wildfires ravaged southern California in January – will be the centre of attention at next month’s Bermuda Risk Summit.

But he is only one part of a powerful agenda at the annual conference, which is from March 10-12 at the Hamilton Princess and Beach Club.

Also speaking is author Jeff Goodell, who will describe how climate change is raising the risks of extreme heat and wildfires and Gregory Daco, chief economist at EY, who will try to tell insurers how to navigate an increasingly complex and unpredictable global economic and political landscape.

For many, the main attraction on the first day will be a panel discussion featuring Stephen Catlin, founder and executive chair of Convex Group, Mark Cloutier, executive chairman and group CEO of Aspen Insurance Group, Nicolas Papadopoulo, new CEO of Arch Capital Group and Kathleen Reardon, CEO of Hiscox Re & ILS.

Bermuda:Re+ILS will be at the conference throughout, and will provide full coverage through a daily newsletter available exclusively to newsletter subscribers.  The newsletter will provide coverage of panel discussions plus interviews with industry leaders.

Lara will examine the impact of the California’s wildfires on insurance and regulation and how innovative reinsurance solutions – including those from Bermuda – can help stabilise markets.

Lara will speak immediately after Goodell, who will also explore the escalating threats to human health, ecosystems and global communities.

Wildfires caused billions of dollars in damage in Los Angeles in January, and Goodell’s keynote, Extreme Heat and Wildfire: Navigating the Realities of Climate Change, will cover:

• The growing frequency and severity of extreme heat and wildfires

• How these escalating risks are affecting public health, ecosystems, economies and global stability

• The urgent need for innovation and coordinated action to build resilience in a warming world.

Christian Dunleavy, group president of sponsor Aspen, will introduce Goodell and take part in a panel discussion after his talk.

He said: "Climate change isn’t a distant threat — it’s happening now, and the economic impact is staggering.

“As insurers, we play a fundamental role in providing the financial safety net that allows businesses and communities to recover. Jeff Goodell’s reporting highlights the urgency of these challenges and the critical need for forward-thinking solutions. His insights will be invaluable for understanding what lies ahead and how industries, including reinsurance, can prepare for an uncertain future.”

A Bermuda Business Development Agency spokesperson said that while Goodell’s keynote will focus on the scientific and societal impact of climate change, it underscores the critical role of insurance in navigating today’s climate crisis.

“The discussion will continue in a dedicated industry session where experts will explore the evolving role of reinsurance and risk management in responding to climate-driven disasters.”

Gregory Daco, chief economist at EY, will also speak at the Risk Summit on 2025 Economic Outlook: Navigating Crosscurrents, and provide insights into the forces driving market volatility and help businesses navigate the uncertainty shaping financial strategies in the year ahead.

Daco, a seasoned economist with a wealth of experience, brings a global perspective honed through years of research and analysis. He is a frequent contributor to major publications such as The Financial Times, The Wall Street Journal, The New York Times and Barron’s, and appears regularly as a guest on CNBC, Bloomberg and NPR. Before joining EY, Daco was chief US economist at Oxford Economics, where he led a team of economists focused on producing research and forecasts about the global economy.

He said: “Businesses that can identify and adapt to shifting economic currents will be best positioned to thrive. At Bermuda Risk Summit 2025, we’ll explore the key trends shaping the global economy and what they mean for industries navigating an increasingly complex landscape.”

Craig Redcliffe, EY Bermuda partner and regional insurance leader, added: "In an environment where risk and opportunity are two sides of the same coin, having access to clear, forward-thinking economic insights is invaluable. Gregory Daco’s expertise will provide industry leaders with the knowledge they need to make informed decisions and drive sustainable growth."

The Risk Summit will open with an industry leaders’ panel featuring four of the island’s leading executive chairmen and chief executive officers.

John Huff, CEO & president of the Association of Bermuda Insurers and Reinsurers, will moderate the opening panel of insurance leaders.

He said: "From geopolitical instability to inflationary pressures and increasing climate-driven catastrophes, the risk landscape is evolving at an unprecedented pace. As the world’s largest reinsurance market, the Bermuda industry plays a critical role in absorbing global shocks, ensuring financial resilience in times of uncertainty while protecting families, businesses and communities.”

Other sessions include a panel discussion on Bermuda’s new corporate income tax, moderated by ABIR director of policy Collin Anderson and featuring the CIT Agency CEO Mervyn Skeet, EY international tax consultant Robert Moncrieff and Arch Capital global head of tax Jeff Thompson.

Bermuda Monetary Authority chief executive officer Craig Swan and former National Association of Insurance Commissioners president Andy Mais are on a regulatory panel moderated by AM Best head of analytics Mahesh Mistry. Also on the panel are NAIC vice president Beth Dwyer and Central Bank of Ireland senior official Tim O’Hanrahan.

Other sessions include a session on life and annuity reinsurance moderated by Athene Life Re CEO Natasha Scotland Courcy and featuring Athene chief operating officer Mike Downing and another on strengthening global partnerships through cross-border collaboration featuring Ariel Re CEO Ryan Mather and Lloyd’s executives Patrick Tiernan and Burkhard Keese.