ROUNDTABLE: ESG
WHAT ARE YOUR FINAL THOUGHTS?
“The impact is ultimately on the people who have the least.”
Myra Virgil
Myra Virgil: Climate change should be framed as a social justice issue. There’s such an interconnectedness between the natural and physical environment and all the things that happen at institutional and personal levels. From pandemics to extreme temperatures to hurricanes, the impact is ultimately on the people who have the least. We need to connect that reality to a message that gets people engaged.
Kathleen Faries: We in the re/insurance industry should focus on the vast amount of data we have. If we could collaborate around leveraging and surfacing the data, in order to and help drive change and transparency, there’s value there. Bermuda is a small community, but we have a big global footprint. More Bermuda-based collaboration could potentially have a significant impact.
“The education system is moving towards including ESG.”
Theodore Potgieter
Theodore Potgieter: For me, it is about the educational journey in companies. From board level down to each employee, we want people to ask: “how can I make a difference?”. The education system is moving towards including ESG, which is a good thing.
Ralf Kuerzdoerfer: We have expertise in risk mitigation but my point of view is around social equality. I would encourage companies to develop their own approach. A certain standardisation will come, but the ideal is that companies take a proactive approach with all stakeholder groups involved, employees, shareholders and policyholders.
“Risk management is key as is the use of data.”
Kimberly Rafuse
Kimberly Rafuse: I resonate on the whole idea of risk and the opportunity. Risk management is key as is the use of data to inform decisions.
William Curry: Bermuda could have a big impact for testing new ideas in this. BIOS is in a transitional mode, it’s evolving into something new and there could be some interesting opportunities in the solutions space in the coming years. That’s something to keep your eye on.
“Bermuda could have a big impact for testing new ideas.”
William Curry
Michael Neff: We’ve somehow created a world where my daughters are questioning whether they should have children for fear of bringing them into the world. So it’s real from the social justice standpoint. I agree that Bermuda has a huge opportunity in all of this. The Island faces economic challenges, we’re all aware of that, but if you look at what Bermuda could contribute to closing the protection gap, there are so many ways we could continue to punch above our weight and help solve a whole bunch of other problems.
This is a big opportunity for Bermuda if we can figure out how to take advantage of it.
“The overlapping nature of the problem requires integrated solutions.”
Ariane West
Andrew Smith: The opportunity for Bermuda comes if Bermuda does what it does well, which is to create an environment in which people can innovate. We’ve seen that, in our insurance industry and reinsurance industry, starting with the captive insurance sector and moving through to what we have today. Bermuda’s good at innovation. That benefits the whole world, but we will also see a knock-on impact for our local community.
Ariane West: Perhaps the complex and overlapping nature of the challenges requires a holistic approach. The thing that comes with that though, is complexity. The overlapping nature of the problem requires integrated solutions. It’s not going to be easy, but it’s ultimately very worthwhile.
A lot of the people on this island have shown the ability to embrace complex challenges and come up with market-changing solutions.
Andy MacFarlane: The re/insurance industry has a great opportunity through underwriting, investing and through engaging with our community and our colleagues, to bring that social aspect as well. Collaboration and innovation are key.
I think Bermuda definitely has a role and an opportunity, whether it’s through development of a product, through developing the expertise, or through creating an environment to encourage the transition to a low-carbon world.
Image courtesy of Shutterstock / Microgen
