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Bermuda market cover for climate risks

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More than 100 registrants viewed the first Bermuda Angle Webinar presented by the Bermuda Business Development Agency, the organisation reported today.

The BDA said top takeaways from the virtual event, which is now available for viewing on the organisation’s YouTube channel, included the Minister of Finance, Curtis Dickinson, and BDA deputy chair, Susan Pateras, discussing how Bermuda is set to become the world’s climate risk finance capital.

Mr Dickinson said: “Bermuda is known as being the world’s risk capital and we have a large number of insurance and reinsurance companies here who operate out of Bermuda.

“Many of these companies, especially in the property and casualty space, provide coverage for catastrophes all over the world. Climate risk is a natural extension.”

The BDA cited the Bermuda Monetary Authority’s recent announcement that Bermuda re/insurers may end up incurring as much as 20 per cent of the industry losses from Winter Storm Uri, which wreaked havoc in the southern region of the United States, particularly Texas, in February.

In relation to the much-discussed proposed global minimum corporate tax, Mr Dickinson said: “We have seen recently, developments at the Organisation for Economic Co-operation and Development with respect to global tax.

“That, of course, is in a fairly early stage and what the final product of that exercise will be, is yet to be determined.

“We will continue our advocacy with respect to how we think this should be done in a way that makes sense, without creating any undue harm.”

The next edition of the webinar series, discussing climate risk finance, will air next month.

The moderator will be BDA chairman, Stephen Weinstein, and will feature panellists from the Association of Bermuda Insurers and Reinsurers, Alternative Investment Management Association Limited Bermuda and the BMA.

Register at www.bda.bm

Curtis Dickinson, the Minister of Finance (File photograph by Blaire Simmons)
Susan Pateras, deputy chair of the BDA (File photograph)

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Published August 10, 2021 at 7:53 am (Updated August 10, 2021 at 7:53 am)

Bermuda market cover for climate risks

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