BMA releases catastrophe resilience report
Bermuda Monetary Authority has released its first report to highlight the island’s reinsurance industry’s resilience to major, but improbable, catastrophic events.
The Authority’s Catastrophe Risk in Bermuda Report gives a high-level overview of the jurisdiction’s catastrophe reinsurance risk stress testing and modelling practices. Overall, the Report also underscores the reputation of Bermuda reinsurers of being well-capitalised, innovative and technically proficient.
Craig Swan, managing director, supervision at the Authority said, “With such a relatively high concentration of catastrophe risk, a broad understanding of the potential adverse impacts, including identification of any concentration of risks and catastrophe modelling practices in Bermuda is central to the Authority’s supervisory framework.”
“The Authority plays a significant role as a leader in the regulation of the global catastrophe market and in an effort to continue to re-emphasise our commitment to high standards of transparency, the Authority has produced this report,” Mr Swan said.
The Authority intends to produce the Catastrophe Risk in Bermuda Report annually.
To access the Report, visit the “Publications” section (BMA Surveys) on the Authority’s website at www.bma.bm