Log In

Reset Password

PwC’s Wightman: disruption is an opportunity

The Bermuda reinsurance market has proved its resilience — but the industry needs to embrace disruption in order to claim future opportunities.

That is the view of Arthur Wightman, PwC Bermuda leader and insurance leader, who told delegates at a conference in Hamilton yesterday that many reinsurers were already “disrupting themselves from within”.

Speaking at the S&P/PwC Bermuda Reinsurance conference, Mr Wightman said: “I think it's important to reflect on the societal importance of what it is that we do here in Bermuda and how much of a positive impact the protections we offer have in restoring communities and businesses post event.

“Frankly without this market, billions of dollars of cover would not be placed because it is commercially out of reach for so many.

“The Bermuda market has again shown its resilience. Its capital and its strength send a message that this market will be there in times of difficulty.”

Sometimes people talked about disruption as if it were a dirty word, Mr Wightman said, but he preferred to see it as an opportunity.

“Indeed many reinsurers are purposely disrupting themselves from within,” he said “The future is indeed bright if CEOs can grasp the dynamic opportunities ahead. And many are.

“For example, it was quite unheard of to see venture capital funds being established by reinsurers. And yet the number is at least 20 and counting.

“These are being used for a variety of reasons but they are funding the big bets that need to be placed to seize the future.”

Positive message: PwC Bermuda's Arthur Wightman speaks at the S&P/PwC Bermuda Reinsurance conference

You must be Registered or to post comment or to vote.

Published November 08, 2017 at 8:00 am (Updated November 07, 2017 at 9:22 pm)

PwC’s Wightman: disruption is an opportunity

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon