CEOs to speak at PWC’s insurance summit
Chief executives of the world's largest re/insurers and leading risk experts are to gather in Bermuda later this year for the PwC Insurance Summit, presented by he Financial Times.
The summit at Hamilton Princess and Beach Club in November, presents an annual opportunity for senior executives and professionals in the insurance and reinsurance industry to discuss and dissect the latest market developments and their implications.
The Financial Times, presenters of the event, has more than one million paying readers. The FT's Oliver Ralph, insurance correspondent, and Robert Armstrong, US finance editor, will moderate panels at the summit, including a conversation with Curtis Dickinson, the Minister of Finance.
Confirmed keynotes and speakers include Brian Duperreault, president and chief executive officer, AIG; Dennis Mahoney, executive chairman, RFIB Group and former head of Aon UK; Nigel Frudd, CEO, Sompo International; Greg Hendrick, CEO, AXA XL; Robyn Wyatt, CEO, Resolution Re Ltd; Mary Forrest, president and CEO, Munich Re, North America (life and health); John Berger, CEO, Ascot Reinsurance; and Pete Wilson, CEO, AXIS Insurance.
Arthur Wightman, PwC Bermuda leader, said last year's event, with the Financial Times as its new partner, attracted almost 300 registrants. He said the agenda this year will address the most pressing issues in the market, including regulation, climate change, cyber-risk, industry disruption and digital transformation.
Mr Wightman said: “The urgent need for business and technology modernisation poses the greatest threat to the global insurance industry, according to our Insurance Banana Skins 2019 report, published by the Centre for the Study of Financial Innovation in association with PwC.
“According to a separate survey of the Bermuda insurance and reinsurance market, the number one risk faced here is regulation, followed by climate change and then cyber-risk.
“The response from Bermuda showed a number of striking differences from the global ranking. Most notable was the positioning of technology risk — number one globally — down in fifth position here. However Bermuda did place cyber-risk at number two, the same as the world ranking, given concern over the magnitude and linkage of exposure. Climate change was another higher-than-average scorer, with many in the industry concerned insurers need to do more to address the long-term impact of climate change.
“But Bermuda's highest risk was regulation, mainly because of the volume of change and associated cost. One respondent told us that regulation is a ‘strangling of our ability to operate effectively across jurisdictions and leverage our capital' and presents ‘a huge and expensive problem'.”
Organisers say the summit will examine each of these challenges in keynotes and in-depth sessions with leading regulatory, cyber and climate risk experts with a view to increasing understanding and finding solutions.
The line-up of speakers and conference agenda can be viewed at https://live.ft.com/Events/2019/PwC-Insurance-Summit-2019