ROUNDTABLE: LIFE AND LONG-TERM RE/INSURANCE
WHAT ARE YOUR PREDICTIONS FOR THE SECTOR’S FUTURE GROWTH?
“I see technology playing a role in the life space.”
Helen Souza
Helen Souza: I am optimistic by nature. I expect more growth but the role that technology and innovation are going to play will be the heart of what Bermuda does. The BMA sandbox and everything we’re seeing coming through there will be central. The life sector is no exception to technology and innovation.
In terms of future growth, I see technology playing a role in the life space and I’m excited to have Bermuda at the heart of that.
Patience Maina: Bermuda has always been quite resilient and able to come up with innovative solutions. That and the growth will continue on the back of the solutions the market is able to offer. So I am definitely optimistic.
“Growth will continue on the back of the solutions the market is able to offer.”
Patience Maina
Martin Laframboise: Definitely optimistic. We have the right mission, and strategy. We’re keeping pace with hiring people. The infrastructure is in place, everything is in place. We are growing. We have the right prudent technical framework to sustain claims in various stress conditions. Because of that, we’re going to continue our growth and our track record.
Mike White: I’m optimistic as well. There’s a very well-established and tried and trusted method of reinsuring life business from the US.
Now we’re starting to see transactions from other parts of the world, from Europe and Japan. We’ll probably see more international business being insured here.
“My long-term perspective is optimistic for more international business.”
Ahwaz Chagani
James Claxton: The main thing I would say differently is I think we have another couple of years of new players entering the market and then I would imagine some consolidation. We’ve seen firms interacting with each other. With more formal consolidation we’ll end up with a more mature, stable market of continued growth but with fewer bigger players.
Ahwaz Chagani: I am generally optimistic; there’s short-term market volatility, but my long-term perspective is optimistic for more international business here, more product innovation and different types of products and reinsurance arrangements being targeted by re/insurers to unlock the value.
“We all need to be growing in the same direction.”
Brad Adderley
Brad Adderley: Definitely positive. We’re going to see a fair amount of new life insurers this year. It’s going to be very interesting. There will be more companies formed by existing players and even sidecars. I don’t think the sidecars will be as big, but the new entrants will come with bigger capital numbers and bigger blocks.
I’m very bullish on talent, attracting people and making sure we can keep the BMA happy with staffing plans is important. We all need to be growing in the same direction. By the end of 2023, I wouldn’t be surprised to see anywhere up to 15 new commercial reinsurers, which would be quite substantial.
Image courtesy of Shutterstock / Natalia Burnina
