Life reinsurance session added to summit
A new session on life reinsurance has been added to Thursday’s PwC Insurance Summit to discuss the key factors driving growth in the sector.
The panel, “A New Chapter in the Life Reinsurance Market”, will feature industry leaders Marc-André Giguère, chief executive officer of Munich Re, US (Life and Health); Frank “Chip” Gillis, chairman, Athene Life Re; Thomas Olunloyo, CEO of Legal & General Re; and Robyn Wyatt, chief financial officer of Resolution Life.
Colm Homan, partner, insurance, PwC Bermuda, who is moderating the panel, said: “The addition of this session supports Bermuda’s leadership position within the global life reinsurance industry.
“With assets of $300 billion, the life sector is now the largest insurance sector by assets in Bermuda, according to the Bermuda International Long-Term Insurers and Reinsurers.”
While this $300 billion owes much to the large asset holdings that are part and parcel of the life business, the pace of new registrations — 15 new life licences issued by the Bermuda Monetary Authority in 2018 — marked the greatest year-on-year growth across all insurance sectors.
Damian Cooper, partner, and life reinsurance leader, PwC Bermuda, said, “Globally, the direct life and pensions market is growing rapidly on the back of an ageing population and the scaling back of state welfare.
“Life insurers are looking to reinsurers to help them transfer risks including longevity and income guarantees so they can focus capital on these new business opportunities.”
He said Bermuda’s big draws include a pragmatic regulatory environment and National Association of Insurance Commissioners and Solvency II equivalence.
Mr Cooper said: “Biltir should also be commended for its ability to collect feedback from market participants and enable them to engage with the BMA with one voice as far as possible,” he said. “This dialogue has helped to build solid foundations for registration and regulation.”
The PwC Insurance Summit, presented by the Financial Times, takes place this Thursday and includes a variety of keynotes by leading global figures in the reinsurance industry along with in-depth sessions with chief executives on hot topics in the industry.
The full agenda and link to register can be found at https://live.ft.com/Events/2019/PwC-Insurance-Summit-2019
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