The recent PwC Insurance Summit in Bermuda highlighted the island’s key role in driving reinsurance innovation, growth, and resilience in addressing global challenges such as climate change.
Arthur Wightman, PwC Territory Leader, opened the summit by emphasising that it was not just an opportunity to reflect on the growth and resilience of Bermuda’s reinsurance sector, but a call to action.
“As we navigate the challenges of climate change, regulation, geopolitics, cyber, talent, and diversity, it is imperative that we continue to innovate and collaborate. Together, we can drive the industry forward, ensuring that it remains robust and adaptable in the face of evolving global dynamics,” said Wightman.
He also stressed the urgency of addressing climate change, noting, “PwC’s Annual Net Zero Economy Index reveals that the global reduction in carbon intensity has stalled to its lowest level in over a decade. To meet the Paris Agreement targets, we must significantly accelerate the global decarbonization rate.”
Wightman further highlighted the critical issue of nature-related risks, explaining that climate change is significantly impacting the global insurance and reinsurance industries.
“With 55% of global GDP—equivalent to about $58 trillion—moderately or highly dependent on nature, and more than half the market value of listed companies subject to nature-related risk, it is crucial that we address these challenges head-on,” he said.
The Summit also featured discussions on Bermuda’s growing life reinsurance sector, as well as the legacy and deals sector. A presentation by the Bermuda Monetary Authority (BMA) on industry regulation revealed that since 2016, the Bermuda market has paid nearly a trillion dollars in claims, helping to reduce global protection gaps.
