Climate change top of the RIMS agenda
By Alex Wright
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Climate conscious: Chairman of the Bermuda Insurance Development Council sub-committee Allison Towlson and IDC chairman Roger Gillett believe climate change could feature highly on the agenda at this year's RIMS conference
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Photo Tamell Simons
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Climate change could be one of the key talking points at this year's RIMS (Risk and Insurance Management Society) conference held in San Diego.
That is according to Roger Gillett, chairman of the Bermuda Insurance Development Council (IDC), and the IDC RIMS sub-committee chairman Allison Towlson, who, speaking ahead of the conference which kicks-off on Sunday, reckon the effects of global warming and other detrimental environmental changes could be keenly discussed issues at the event.
They will also be looking to maintain the Island's position at the top of the re/insurance market in the face of stiff competition from across the world.
"I think climate change is in the forefront of most people's minds," said Ms Towlson. "Also its implications to insurers and their clients and how we manage it going forward is going to be crucial."
Mr. Gillett believes the impact of hurricanes and other natural disasters over the past few years has caused industry professionals and risk managers to sit up and take notice of the need to do something about it.
"After Katrina, Rita and Wilma everyone became quite aware of how it impacted the direct insurance buyers," he said.
Other hot topics may include the sub-prime crisis and a softening market, said Mr. Gillett.
"It is a great place to hear about what key experts believe the direction of the US economy and current conflictions to be and how it affects the industry," he said
"From the companies' perspective the impact of the sub-prime crisis to their clients is important.
"A point leading on from the softness of the market, and tough though it is, this is the time that we need to be the most visible on this. Right now, with the softer market we really need to ensure that our name is out there prominently."
Leading on from that, Mr. Gillett claims that Bermuda's insurance marketplace has become a victim of its own success and is aware that competitors will be looking to take advantage of that fact at the conference.
"Clearly we have got a lot of criticisms aimed at us by our competitors," he said.
"The point that we want to make is that most of the negatives will be issues relating to the problems we have experienced from our growth, in other words, we are victims of our own success and we think that is quite natural enough and it is not something that panics us at all.
"We continue to experience large growth in our industry and let us understand that most of our so-called problems are those that any country would expect to result from the success levels that we are seeing here.
"Despite the negatives we hear in bringing in new professional staff, the fact is from a career and a quality of life perspective, Bermuda has long been very attractive."
