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Politics front and centre at summit

Politics is set to play a major role in this year’s Insurance Day Summit Bermuda conference with two members of the Florida House of Representatives flying in to take part in a panel discussion on insuring the $3 trillion Florida property market.

The impact of Bermuda’s new government is also at the top of the agenda for the 2013 conference, which opens today at the Fairmont Hamilton Princess.

The theme is ‘The future and sustainability of the Bermuda market in the wake of a number of significant changes the sector has experienced over the past 12 months’.

In its seventh year, the event will take place today and tomorrow, and a Who’s Who of the re/insurance world are expected to attend.

The conference opens with Premier Craig Cannonier, who will talk about attracting international business to Bermuda.

Following that speech, Craig Swan, the Bermuda Monetary Authority’s managing director, supervision, will speak on Bermuda’s future in the reinsurance market, and then a panel discussion entitled: ‘How is the Bermuda market responding to dramatic changes in culture, politics and the economy?’ will be led by Caroline Foulger, chair of the Bermuda Business Development Corporation.

Rep Bill Hager and Rep Kevin Rader, both members of Florida’s House of Representatives, have been asked to look at the topic of securing Florida’s property insurance future.

Insurance Day’s Greg Dobie has written: “The question of who provides coverage for Florida’s property insurance market has been one of the most hotly debated and heavily lobbied issues in US legislative history and this topic will take centre stage at the two-day summit, with the issue making headlines once again earlier this month in the wake of the decision by the state’s Republican governor, Rick Scott, to sign a new property insurance law aimed at boosting the private insurance market.

“The law is designed to reduce the state’s exposure to hurricane losses by steering homeowners away from the state-run, Citizens Property Insurance Corporation, with the bill requiring sellers of insurance to market both renewals and new policies more aggressively to the private sector.”

He added that the estimated insured value of residential and commercial properties has topped $3 trillion in both Florida and New York.

More than 40 chief executives and senior management speakers are scheduled to speak at the conference and discuss economic, regulatory and business issues. The speakers include: Howard Kunreuther, Professor of Decision Sciences & Public Policy, co-director risk management and decision processes centre, Wharton School, University of Pennsylvania; Peter Höppe, head, Munich Re’s Geo Risks Research/Corporate Climate Centre; Brian O’Hara, former chairman and chief executive, XL Group; Randi Cigelnik, general counsel, Property Casualty Insurers Association of America; Kean Driscoll, chief executive, Validus Re and Kevin Kelley, chief executive Ironshore.

Topics will include: ‘The global regulatory and tax landscape and the implications for the Bermuda market’, ‘New business models for Bermuda — collateralised funds; third party capital management and “reinsurance transformers” ‘, ‘The explosion of ILS and its implications for Bermuda’, ‘Superstorm Sandy — a wake-up call for the catastrophe risk insurance sector’, ‘What does Solvency II compliance mean for Bermuda now?’ and ‘What next? Opting out of Solvency II for captives’.

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Published June 25, 2013 at 9:00 am (Updated June 24, 2013 at 8:15 pm)

Politics front and centre at summit

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