An inconvenient truth

“Ending this vicious circle requires climate mitigation, but is the re/insurance industry qualified, equipped, or willing, to tackle this?”

The re/insurance industry has enabled inaction on climate change. There, I’ve said it.

But how could it be any other way? Paying out on the havoc wrought by extreme weather events helps society get back on its feet, right? Yes, it does. Until the next time.

Ending this vicious circle requires climate mitigation, but is the re/insurance industry qualified, equipped, or willing, to tackle this? Or will it forever cut the head off the snake only to see a new one grow in its place?

Responding to climate change involves two possible approaches: adapting to the climate change already in the pipeline (adaptation), and/or reducing and stabilising the levels of heat-trapping greenhouse gases in the atmosphere (mitigation).

Re/insurers need to build on their competence in the former but also find solutions to the latter.

That, it seemed to me, was the crux of the discussion at the inaugural Bermuda Climate Summit. If there was a mantra to take away, along with the (good to see) non-plastic souvenirs, it was this: innovate to mitigate. The good news is, that process has already started.

Another highlight of this issue is the ever-popular Women in Hamilton feature. The top nominees in our survey were asked the same questions but each tackled them in her own unique way. It’s the differences that make for interesting reading.

Last but not least, are the first interviews with industry veterans who are household names on the Island: Hendrick, Reiss and Rhoads. What made them so successful? How do they view the market now? What are they working on? And, on a personal note, what are they passionate about?

I hope you enjoy our Summer issue.