Captives no longer fly under the radar and firms must be more aggressive with their compliance measures, according to Steve Bauman, head of global programmes and captive practice, North America, at AXA XL.
Speaking to A.M. Best TV at the Bermuda Captive Conference, Bauman said that there are more regulators looking at captives now and one of the industry’s biggest challenges is making sure its programmes are fully compliant worldwide.
Also speaking at the Bermuda Captive Conference was Adam Peckman, global cyber practice leader at Aon, who said one of the industry’s challenges is getting ahead of the risk topic, rather than waiting until you see losses with peer companies, or allowing the industry to inform what the captive strategy should be.
Referring to the recent WannaCry cyber attack, Peckman said that there has been “billions of dollars” of losses associated with these types of cyber events. He said one of the industry’s biggest tests is getting ahead of this risk.
