A KEY ROLE IN A 2021 RECOVERY
2020 has brought unprecedented challenges to Bermuda, but its risk transfer community has a tremendous opportunity in 2021 to play a leading role in the world’s recovery and reimagine how risks are handled, says John Huff, chief executive officer of the Association of Bermuda Insurers & Reinsurers.
“Bermuda is considered one of the safest places with one of the most stable governments in the world.”
2020 has tested us all in our lives, work and relationships. This include re/insurance markets internationally in the 150 countries where our members operate and right here at home in Bermuda.
Collectively as members of the Association of Bermuda Insurers & Reinsurers (ABIR), Bermuda’s leading insurers and reinsurers look optimistically toward 2021—a hardening market, a gradual return to the new normal of working, and an international economy that finds itself in need of the peace of mind and financial protection from global uncertainty more than ever.
Bermuda is at the forefront of international capital-raising with billions of new capital ready to deploy to fill these needs.
With world-class leadership efforts to contain COVID-19, Bermuda is considered one of the safest places with one of the most stable governments in the world. Bermuda is challenged to take on the issues related to international standard-setting, immigration, local taxation, sovereign debt, healthcare reform, privacy law implementation, and pension scheme regulation along with the economic consequences of the pandemic.
As one of the main pillars of the Bermuda economy and the financial stabiliser during the pandemic, ABIR members are committed to providing leadership, service, talent and resources to contribute to rebuilding Bermuda’s economy even stronger.
Globally, the UK’s departure from the EU still comes with a great deal of uncertainty, but the outlines of the new leadership in Washington DC are being filled in. ABIR continues to invest in strengthening our legacy relationships and building new ones with the incoming Biden administration, the US Congress, the UK, and throughout Europe to further advance Bermuda’s leading international market.
In 2020, we went virtual to get it done. ABIR hosted 11 webinars covering the Florida market; climate risk; the future of pandemic coverage in Europe and in the US; the UK Prudential Regulatory Authority’s priorities; European and international sustainability developments; policymakers’ views of the financial health of the re/insurance industry; updates from the NAIC leadership; an update from the IAIS secretary general, and the evolving market of cyber insurance.
2021 will be a tremendous opportunity for the Bermuda market as policy leaders around the globe strategically explore solutions to climate change, cyber risk, future pandemic coverage, mortgage risk and re/insurance capacity for the growing frequency and severity of natural catastrophes.
ABIR and Bermuda are well-positioned to play leading roles.
To learn more about the ABIR visit: abir.bm
Image courtesy of Shutterstock / MarkoV87
“ABIR members are committed to providing leadership, service, talent and resources to contribute to rebuilding Bermuda’s economy.”