Welcome to Artemis’ fifth Bermuda-focused ILS executive roundtable, which owing to restrictions caused by the ongoing Covid-19 pandemic was held virtually.
In response to the global spread of the novel coronavirus, Bermuda, like much of the world, entered into an unprecedented period of lockdown as its government enforced restrictions aimed to mitigate the outbreak.
Against this backdrop, experts and leaders from across the ILS and reinsurance space began by offering some insight into how the Bermuda marketplace has responded to ensure continuity for clients both during the current crisis, and post-pandemic.
Participants agreed that to maintain robust investor and cedant interest at this time, transparency and clarity are key, and while some have undoubtedly been bruised by the recent loss experience, the future opportunity is ample and should attract both new and returning market players.
The potential for the emergence of new ILS start-ups was also debated. Some participants agreed that conditions in the Bermuda marketplace are ripe for new entrants, while others questioned exactly what these players might look like and what strategic advantage they might bring to the table.
Bermuda is known as a jurisdiction that stimulates innovation and participants suggested that the disruption caused by Covid-19 could accelerate and intensify the focus on technology.
The discussion also turned to the uncertain industry loss from the ongoing pandemic, and specifically the potential for a significant trapped collateral issue for the ILS sector.
Looking forward, roundtable participants offered their views on what Bermuda, its regulatory landscape and ILS community can do to ensure positive market momentum persists.
Thank you to our Roundtable partners: Ocorian, Appleby and Property Claim Services (PCS).
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