PricewaterhouseCoopers and Standard & Poor’s have held a reinsurance conference in Hamilton, Bermuda.
Opening a panel discussion, Matthew Britten, PwC’s managing director in Bermuda, asked whether today’s market conditions are driving such significant changes and innovations that this point in time may be reflected upon in the future as a key period in the market’s history.
Britten said: “There seemed to be broad agreement that while this particular point in the reinsurance market’s history may be remembered for the influx of alternative capital into the market, there are a number of other major forces that will influence the shape and future landscape.”
Discussion on how reinsurers can best partner with governments and support the opportunities in emerging markets with low insurance penetration was particularly topical. Montpelier Reinsurance president, Christopher Schaper, said: "Who's going to take care of the Philippines? Having uninsured losses like that is very significant."
Addressing concerns about the state of regulation in Bermuda, Andre Perez, CEO of the Horseshoe Group, said: "The beauty of Bermuda is we've always fostered innovation and always made innovation possible and simpler, and that I think is going to continue being one of our main strengths here.”
