PwC Bermuda and Financial Times summit highlights innovation in re/insurance
The 18th annual PwC Bermuda and Financial Times summit brought together prominent figures from the global insurance industry to explore the transformative shifts occurring within the sector.
Held on November 12 in Bermuda, the event focused on the themes of innovation, sustainability and the changing geopolitical landscape, emphasising the emergence of a new ‘Fund and Insure’ domain that blurs the lines between investment and underwriting.
As the industry faces new challenges and opportunities, leaders shared insights on how to navigate this evolving environment to foster growth and resilience.
Arthur Wightman (pictured) , territory and insurance leader at PwC Bermuda, opened the event by framing it as a defining moment: “As we enter the intelligence age, traditional industries — insurance included —are being reimagined. New ecosystems are forming, capital is flowing toward innovation at scale, and we are seeing the emergence of the ‘Fund and Insure’ domain, where the boundaries between investment and underwriting are increasingly converging. This change brings both pressure and opportunity.”
The summit’s agenda centred around several transformative themes shaping the future of insurance and reinsurance:
• Technology and innovation: Exploring how AI, machine learning and digital transformation are unlocking new growth pathways and operational efficiencies.
According to PwC research, AI could add $15.7 trillion to the global economy by 2030; and a recent PwC survey of 136 insurance executives found 54% believe that investments in generative and agentic AI will have the most transformative impact on the insurance industry over the next three years.
• Climate change and sustainability: Addressing rising environmental risks, regulatory pressures, and the industry’s critical role in supporting sustainable development and resilient economies.
• Geopolitical shifts and global markets: Understanding how geopolitical dynamics are impacting risk landscapes, regulatory frameworks and cross-border collaboration.
• Evolving customer expectations: Focusing on enhancing customer trust and engagement through personalised solutions and transparency in a world of change.
• Talent: Culture, attracting and retaining talent and the importance of talent management.
Discussing the global protection gap, Wightman said: “Trillions of dollars in economic value are at risk, yet insurance coverage for catastrophic events remains significantly unmatched. This presents a major challenge for our industry: to develop sustainable ways to align risk with insurance that go beyond philanthropy. The businesses represented here play a crucial role in creating resilience and supporting transitional activities that protect communities and economies. I truly appreciate the meaningful impact and substance of the work we all do to address this urgent need.”
Wightman also emphasised the necessity for agility and innovation: “By 2025, we estimate $604 billion in enterprise value could change hands in the financial services sector alone, as companies reinvent themselves in the Fund and Insure domain. Leaders who maintain their curiosity and courage will uncover new avenues for growth and help shape the next era of progress.”
Sessions were moderated by Financial Times correspondents, Lee Harris, insurance correspondent, and Antoine Gara, US private equity & deals editor.
Speakers included chief executives of the world’s largest reinsurers, including an opening keynote by Kevin J. O'Donnell, president and CEO of RenaissanceRe, ranked among the world’s top 10 largest reinsurance groups. The event also featured sessions and interviews with the following leaders:
• Adrian Daws, CEO, Hamilton Global Specialty
• Andy Marcell, CEO, Aon
• Christian Dunleavy, group president, Aspen Insurance Group
• David Croom-Johnson, CEO and CUO, Mereo Insurance
• Jonathan Zaffino, group CEO and president, Ascot Group
• Maamoun Rajeh, president, Arch Capital Group
• Paul Simons, CEO, Convex Re Limited
• Scott Egan, CEO, SiriusPoint
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