Disruption and the huge opportunities it’s creating for re/insurers is expected to dominate discussions at the 12th annual PwC Bermuda/S&P Global Bermuda Reinsurance conference, which starts on Tuesday November 7.
According to PwC the forum takes place this year amid a fast changing market dynamic. After the recent catastrophic events, re/insurers are facing more than $100 billion of losses and many are predicting that the trend in soft reinsurance pricing is coming to an end. And, owing to the significance and magnitude of the third quarter catastrophes, insurance linked securities are being tested in a way not yet seen by the ILS market.
The conference theme, The Dynamics of Discipline, Diversification & Disruption, will examine the transformational trends and new threats impacting the industry. Some 200 industry leaders and professionals from Bermuda, the US and Europe are expected to attend.
Panels will look at opportunities to boost innovation and differentiation, ILS/alternative capital and the growing demand for new and innovative risk-transfer solutions, under insurance, emerging threats like climate, and cyber risk, Wall Street perspectives, insurtech – as the new normal for re/insurers, and fit for growth strategies for re/insurers.
Speakers at this year’s event include Jeremy Cox, CEO of the Bermuda Monetary Authority, Marc Grandisson, president and chief operating officer, Arch Capital Group, Michael S. McGavick, CEO, XL Group and Kevin J. O’Donnell, president and CEO, RenaissanceRe Holdings.
Arthur Wightman, PwC Bermuda and Insurance leader, commented: “The insurance industry is undergoing fundamental transformation as it comes up against the impact of new technologies, regulation, accelerating shifts in consumer demand and mounting competition from InsurTech players. But in the face of so many disruptive challenges, it’s important not to lose sight of the huge opportunities they’re creating for insurers.
“As the most disrupted of any industry, based on PwC's 20th CEO Survey, the need for re/insurers to be fit enough to stay ahead has never been greater. Only through a strategic focus on cutting bad costs can scarce resources be freed up to invest, allowing re/insurers to grow and compete with new services, products or geographies.”
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