The re/insurance industry must step up and play an important role in helping the global economy recover as it emerges from the shadow of the COVID-19 pandemic, according to Marc Grandisson, chief executive officer (CEO) of Arch Capital Group.
Grandisoon, who is also chair of the Association of Bermuda Insurers and Reinsurers (ABIR), said: “Re/insurance and risk management solutions are more important than ever in providing capital and stability to the post-pandemic, rebounding economy.”
Grandison will be a featured panelist at the US National Association of Insurance Commissioners (NAIC) International Insurance Forum, which is being live streamed on May 25-26 2021, as will Craig Swan, deputy CEO of the Bermuda Monetary Authority (BMA).
Grandisson will participate in the C-Suite Panel: Executive Viewpoints – Confronting Change in the Insurance Industry. Panelists will discuss the protection gap, digital transformation, policyholder protection, business interruption claims, market dynamics and social justice issues.
Swan will offer an international insurance supervisor’s perspective on a SupTech (supervisory technology) panel – Embracing Innovation in Supervision. Panelists will discuss how jurisdictions are incorporating suptech into their regulatory toolkits and how technology might continue to shape supervision in the future.
The suptech panel will be moderated by Gary Anderson, chair of NAIC’s international insurance relations committee, and Commissioner in the Massachusetts Division of Insurance. Randal Quarles, Federal Reserve Board vice chairman for supervision, will share insights into some of the issues at the top of the board's agenda.
John Huff, CEO of ABIR and former president of NAIC, reiterated Bermuda’s crucial role in the global re/insurance industry. “As an NAIC highly recognised reciprocal jurisdiction, Bermuda fills an important role in keeping insurance affordable and accessible for US insurance consumers,” he said.
Marc Grandisson, Arch Capital, Association of Bermuda Insurers and Reinsurers, ABIR, Craig Swan, Bermuda Monetary Authority, BMA