With the announcement that 51 new insurers were registered in Bermuda throughout October, PwC’s territory and insurance leader Arthur Wightman has released a statement praising the resilience of the island in 2020.
Wightman said Bermuda has overseen the deployment of between $12 billion and $15 billion in new capital over the last several months, demonstrating itself an effective place to invest and innovate.
“The value proposition of the island is sometimes called into question,” noted Wightman.
“However, the capital markets tend to act as the ultimate arbiter and the island continues to show its resilience as well as its leadership position globally for reinsurance, ILS, life reinsurance and captives.”
Wightman sees particular growth and innovation opportunities across natural catastrophes, pandemic risk and cyber, issues he believes are increasing wealth disparity, eroding the middle class and underlining the pervasive nature of technology and its impact on individuals.
“In spending time with CEOs over the last several months, there are some common threads that I see,” Wightman explained.
“Firstly, there has been a need to repair balance sheets in response to COVID-19 claims and the impact of natural disasters. And while doing that CEOs have needed to think about the future at both a practical and conceptual level.
“The industry’s role is so societally important and with the playing field shifting so enormously, the impact of the pandemic on business interruption must be considered,” he added.
“CEOs need to be prepared to steer their companies differently from how they were going into March. And, following repairs and a rethink about the future, a degree of reconfiguration is required.
“Both rapid – in terms of operating virtually, as well as over the medium and long term. And finally, reporting information transparently to customers, investors and wider stakeholders will be key to building trust in society.”
