The Association of Bermuda Insurers and Reinsurers [ABIR] will characterize the Bermuda market at upcoming world re/insurance conferences in Chile.
John M. Huff, ABIR’s Chief Executive Officer, and Suzanne Williams-Charles, Director of Policy and Regulation, will take part in two occasions in Santiago: the Global Federation of Insurance Associations [GFIA] General Assembly on November 9 and the International Association of Insurance Supervisors [IAIS] 2022 Annual Conference on November 10-11.
ABIR is a founding member of the GFIA, a nonprofit established to characterize nationwide and regional insurance associations that serve the final pursuits of insurance and reinsurance firms and makes representations to governments, worldwide regulators and others on their behalf.
“GFIA represents nearly 90% of the global re/insurance market. ABIR is an active participant on a number of GFIA working groups, including those focused on climate risks, cyber risks, taxation and trade,” a spokesperson mentioned.
“The IAIS is a world standard-setting physique for supervision of the insurance sector. Its voluntary membership contains the Bermuda Monetary Authority and contains supervisors from greater than 200 jurisdictions, constituting 97% of worldwide insurance premiums.
“In addition, the IAIS assists its members in addressing rising dangers and challenges, by enjoying a job in figuring out tendencies and developments that would reshape the business of insurance.
“The theme of this yr’s IAIS Annual Conference is: ‘Changing landscape: the role of the insurance sector in meeting emerging economic and social challenges.’ Panel periods matters will embrace variety, fairness and inclusion; altering client preferences; macroeconomic dangers; local weather danger and the Insurance Capital Standard.
“The ABIR delegation will also take the opportunity to schedule side meetings at the conferences with insurance supervisors from around the world. Huff, past-President of the US National Association of Insurance Commissioners [NAIC], and Williams-Charles are both former insurance supervisors.”
Marc Grandisson, ABIR’s Chair and CEO of Arch Capital Group, Ltd, mentioned: “As a world chief in local weather danger, pure disaster safety and the administration of complicated and rising dangers, resembling cybersecurity, it’s crucial that the Bermuda market has a voice on the insurance trade’s world stage.
“ABIR is pleased to represent Bermuda’s leading insurers and reinsurers in these meetings with industry bodies and regulators from around the world, and to provide leadership in addressing global industry, economic and social challenges.”
Huff added: “Re/insurance availability might be a key consideration for world insurance regulators and the potential of the Bermuda market’s vital capital capability to fulfill world demand might be of nice curiosity. Bermuda’s insurers and reinsurers will once more present their worth proposition within the face of great U.S. pure catastrophes with the Bermuda market anticipated to again billions of {dollars} in claims to victims of Hurricane Ian, extending a three-decade observe document of persistently preserving their ‘promise to pay.’
“We look forward to contributing to discussions on the global challenges the industry faces and the Bermuda market’s unique capabilities in addressing them.”
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